EUR/GBP eyes 0.8000

By FXstreet.com | August 08, 2014 AAA

FXStreet (Córdoba) - The Euro is rising across the board on Friday and pushed the EUR/GBP toward 0.8000. The pair recently broke above 0.7985 and climbed to 0.7995, hitting the strongest level in 5 weeks.



At the moment of writing was trading at 0.7994, up 0.70% so far, having the best day since March. While Euro is among the top performers the Pound is under pressure across the board. The EUR/USD printed fresh weekly highs above 1.3400 while the GBP/USD is trading below 1.6800, at the lowest since June 11.



EUR/GBP recovery continues

Last month the pair bottomed at 0.7822 (20-month low) and last week started to recover from the lows. In the last days, pulled back to 0.7900 and rebounded, breaking today, above previous highs.



Momentum in the short term favors the Euro. The area around 0.8000 is supposed to be a strong resistance and above here the next level to consider lies at 0.8030.



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