Forex: EUR/GBP pulls back from highs

After hitting a 2-week high of 0.8745, EUR/GBP found resistance and turned lower at the beginning of the NY session as the pound reversed intraday weakness.

EUR/GBP retreated from highs although the setback has been contained by the 0.8720 so far. At time of writing, the pair is quoting around 0.8725, still up 0.3% on the day.

In terms of technical levels, immediate resistances are seen at 0.8745 (Mar 11 high), 0.8800 (psychological level) and 0.8815 (2013 high Feb 25). On the other hand, next supports could be found at 0.8700 (psychological level), 0.8675 (Mar 8 low) and 0.8650 (20-day SMA).