EUR/GBP upside failed near 0.8530

The upside momentum in EUR/GBP seems to have run out of steam in the proximity of the 0.8530 handle today, easing to the current 0.8510 for the time being.

EUR/GBP boosted by EUR-buying

The European cross is looking to extend the ongoing positive momentum further north of the 0.8500 handle, sparked soon after the results from the first round at the French presidential elections on Sunday.

The single currency remains well bid during the first half of the week amidst the generalized solid tone from the risk-on sentiment and rising optimism on a victory of centrist candidate Emmanuel Macron at the second round on May 7 vs. far-right candidate Marine Le Pen.

The next risk event for the cross will be tomorrow’s ECB meeting and Friday’s advanced GDP figures in the UK during the January-March period.

EUR/GBP key levels

The cross is now gaining 0.07% at 0.8517 and a breakout of 0.8534 (high Apr.25) would aim for 0.8552 (100-day sma) and finally 0.8595 (200-day sma). On the other hand, the immediate support lines up at 0.8488 (20-day sma) seconded by 0.8474 (low Apr.25) and then 0.8448 (low Apr.24).