EUR/GBP offered below 0.86 ahead of German Ifo

FXstreet.com (Barcelona) - The EUR/GBP foreign exchange cross rate is last trading at near session highs 0.8590 ahead of first trading day in London after a 3-day weekend, few hours before German Ifo Business climate is released at 08:00 GMT.

EUR/GBP no signs of reversal yet

“Morgan Stanley suggest long EUR/GBP at 0.8550, stop at 0.8500 and p/t of 0.8800,” said Chief Market Strategist at IG Chris Weston in his Twitter account. A day ahead of key speech BoE Carney will give Wednesday, IFRMarkets believes “There is no sign of a reversal yet and the bullish thrust recently suggests more upside to come. Daily closes above 0.86 will see us looking to get long,” IFRMarkets added.

EUR/GBP key technical levels

Immediate support to the downside for EUR/GBP lies at recent session/yesterday's weekly lows 0.8579/6, followed by August 16 highs at 0.8555, and Friday's lows at 0.8536. To the upside, closest resistance shows at recent session highs 0.8590/3, followed by August 14 highs at 0.8599, and yesterday's/Friday's highs at 0.8604.