EUR/GBP rebounds to 0.6950

EUR/GBP rebounds to 0.6950
FXStreet (Edinburgh) – The bid tone around the single currency is prompting EUR/GBP to test session highs in the 0.6950/55 band on Monday.

EUR/GBP in multi-year lows

The European cross posted fresh multi-year troughs in the 0.6930 area last week, following the increasing offered tone around the euro and the reticence of the sterling as of late. Recall that the single currency deflated vs. its rivals in the wake of the EU-Greece deal a week ago, while expectations of a sooner-than-expected rate hike by the BoE has been acting as the main driver for GBP.

Absent relevant publications in the euro area and the UK, the BoE minutes and the flash PMI prints ahead in the week will be the main events.

EUR/GBP relevant levels

As of writing the cross is up 0.05% at 0.6949 with the next support at 0.6936 (low Jul17) ahead of 0.6900 (psychological level). On the upside, a break above 0.6978 (high Jul.17) would expose 0.7068 (high Jul.15) and then 0.7202 (high Jul.13).
For more information, read our latest forex news.
Source: FXStreet