EUR/GBP off highs, near 0.8220

The persistent weakness around the British pound is allowing EUR/GBP to retest the upper end of the range beyond the 0.8200 handle today.

EUR/GBP firmer as ‘Brexit’ keeps weighing

The European cross is gaining more than six cents since ‘Brexit’ lows in the 0.7600 neighbourhood last week.

However, the single currency is poised to remains under heavy pressure as market turmoil is expected to gather pace while ‘Brexit’ effects commenced to spill over the global economy.

Ahead in the session, Merkel, Hollande, Renzi and Tusk are meeting in Berlin ahead of tomorrow’s EU Leaders’ summit (except D.Cameron).

EUR/GBP key levels

The cross is now advancing 1.38% at 0.8238 and a breakout of 0.8317 (post-Brexit high Jun.24) would open the door to 0.8401 (monthly high Mar.18 2014) and then 0.8467 (monthly high Dec.17 2013). On the flip side, the next support lines up at 0.7869 (20-day sma) ahead of 0.7840 (100-day sma) and then 0.7831 (55-day sma).