FXstreet.com (Barcelona) - EURGBP has seen selling pressure during practically all Asia-Pacific session long, last at fresh lows 0.8304, retracing from session highs at 0.8316, on recent Pound strength, despite the fact Cable has been pretty weak since yesterday's NY session weekly lows at 1.5975, hanging around long term ascending trend line coming from June lows at 1.5258.

All in all, Cable has been a bit stronger than Euro, and thus EURGBP cross has been retracing, once it has found hard resistance in the tough ask line around recent fresh 5-month highs 0.8320/25 it has been hitting against since early start of the week. For the London session ahead, economic data agenda looks soft, with only ECB monthly bulletin to be released at 09:00 GMT in the Euro side, for then facing the NY session with more US key data, such as job and housing figures at 13:30 GMT. For the sovereign debt auctions, France, Spain, and the UK will try to sell some long term maturities during the European morning.

Immediate support to the downside for EURGBP lies at Friday's highs/Monday's lows 0.8289/0, followed by Tuesday's/Wednesday's lows at 0.8265, and Dec 28 highs at 0.8228. To the upside, closest resistance comes at yesterday's/Monday's fresh 5-month highs 0.8319/27, followed by Dec 14 2011 lows at 0.8369, and March 28 2012 highs at 0.8395.

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Forex pairs in this Article » EUR/GBP

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