EUR/GBP hits fresh weekly highs near 0.7190

FXStreet (Mumbai) - The shared currency continues to outperform its British counterpart in the European session, lifting EUR/GBP to fresh one week highs just shy of 0.72 barrier. The cross edged higher largely on sterling weakness as subdued UK macro data continues to weigh while impending Greece talks also keep the gains in check ahead of ECB meeting next week.

EUR/GBP rises from 0.7140

Currently, the EUR/GBP cross trades 0.55% higher at 0.7188, having previously posted fresh session lows at 0.7140. The cross in EUR/GBP edged higher this session s market monitors talks over Greek debt amid a data-light EUR economic calendar. While the pound continues to get smashed on the latest downbeat UK GDP figures.

Looking ahead, markets will now focus on next week’s European Central Bank meeting on Wednesday. The central bank will "undoubtedly" stress at its policy meeting that it plans to fully implement its Quantitative Easing program.

EUR/GBP Levels to consider

To the upside, the next resistance is located at 0.7200 and above which it could extend gains to at 0.7232 (May 19 High) levels. To the downside immediate support might be located at 0.7140 (Today’s Low) levels below that at 0.7100 levels.