EUR/GBP hits fresh highs

1 June, 2017

EUR/GBP hits fresh highs

The British Pound faded UK manufacturing PMI-led minor up-tick, lifting the EUR/GBP cross to fresh highs since mid-March. The cross did retreat to session low near 0.8715 region on slightly better-than-expected UK manufacturing PMI print for May but quickly reversed course and spiked few pips above heavy supply zone near mid-0.8700s, hitting fresh 2-1/2 month highs. 

Political uncertainty ahead of the UK general election on June 8, with the incoming polls showing narrowing lead of May's Conservative Party, continued fueling concerns over a possible 'hard Brexit' scenario and has been weighing on the British Pound. However, a modest profit-taking slide around the EUR/USD major has failed to provide any additional boost and hence, it would be prudent to wait for a strong follow through buying interest before confirming a fresh bullish break through 0.8750 important hurdle. 

Currently trading around 0.8730-35 region, sustained beyond mid-0.8700s has the potential to continue lifting the cross towards 0.8770-75 intermediate resistance ahead of the 0.8800 handle. On the downside, retracement back below 0.8725-20 area now seems to drag the cross below the 0.8700 handle towards testing weekly lows support near 0.8660-55 region.

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