EUR/GBP extends the upside above 0.7900

EUR/GBP is slightly off highs at the beginning of the week, looking to consolidate the recent breakout of the 0.7900 barrier.

EUR/GBP boosted by ‘Brexit’ jitters

The cross met increasing upside pressure early in Asia today, as fears the UK might leave the EU at the referendum in late June have sparked a wave of selling interest around the Sterling.

In addition, the prevailing risk-off trade has been somewhat supportive of the single currency, pushing the cross to flirt with fresh multi-week tops in the vicinity of 0.7930.

Nothing worth mentioning data wise today, with UK’s inflation figures and EMU’s Industrial Production out tomorrow.

EUR/GBP key levels

The cross is now gaining 0.37% at 0.7922 and a break above 0.7947 (high May 4) would expose 0.8119 (2016 high Apr.7). On the flip side, the next support lines up at 0.7851 (55-day sma) followed by 0.7818 (100-day sma) and finally 0.7757 (low Jun.7).