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Forex pairs in this Article » EUR/GBP (Edinburgh) - A neutral tone from the ECB statement on Wednesday is supporting the current ascent of EUR/GBP to test session highs around 0.8360.

EUR/GBP paring losses

The cross is thus trimming initial losses, as the current EUR strength is offsetting the bullish momentum in the sterling. President Draghi emphasized the current forward guidance, stressing that low rates would remain for an extended period of time. He also expects the export sector to be benefited from economic recovery overseas, although the risks continue to be tilted to the downside when comes to the euro area economic growth, impacting in consumer prices. Once again, the council discussed a rate cut. Adding to the upbeat tone around the single currency, Italian PM Enrico Letta just won the confidence vote in the Parliament.

EUR/GBP relevant levels

The cross is now up 0.13% at 0.8363 with the next resistance at 0.8376 (high Oct.1) followed by 0.8388 (high Sep.30) and then 0.8397 (MA10d). On the downside, a break below 0.8333 (low Oct.1) would open the door to 0.8300 (low Jan.17) and finally 0.8285 (50% of 0.7756-0.8815).
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