EUR/GBP bounces off lows, wobbles around 0.7700

EUR/GBP remains under pressure despite the current daily gains, managing to bounce off sub-0.7700 levels and test the 0.7710/15 band.

EUR/GBP eyes on ZEW, Brexit

GBP keeps the bid tone during the first half of the week bolstered by poll results favouring a ‘Bremain’ outcome from the referendum on Thursday, relegating the European cross to trade in fresh 3-week lows in the 0.7690/0.7700 band.

Later in the session, EMU/ Germany ZEW Survey is due ahead of the speech by President M.Draghi, while UK’s Public Sector finance figures are also expected across the Channel.

EUR/GBP key levels

The cross is now up 0.11% at 0.7711 and a breakout of 0.7792 (20-day sma) would open the door to 0.7832 (55-day sma) and then 0.7895 (23.6% Fibo of 0.7570-0.7996). On the other hand, the next support lines up at 0.7692 (low Jun.20) followed by 0.7661 (78.6% Fibo of 0.7570-0.7996) and finally 0.7570 (low May 30).