EUR/GBP dips to fresh lows near 0.7150

FXStreet (Mumbai) - The shared currency got smashed by the British pound in the mid-European session; knocking-off EUR/GBP to fresh session lows, after the ongoing Euro group meeting which provided fresh insights on Greece reforms with EU leaders seeing little progress on the same.

EUR/GBP drops from 0.7180

Currently, the EUR/GBP cross tumbled to fresh session lows at 0.7154, moving away from 0.72 barrier. The cross in EUR/GBP dived deeper in red with euro getting hammered across the board amid latest updates from Euro group meeting.

The news that Greece had still not prepared a comprehensive reforms list, while the time for reaching a deal is running out and there is little progress, which may eventually lead to a Grexit weighed on the shared currency. On the other hand, the pound remains heavily bid against the US dollar, holding on to 1.51 handle.

EUR/GBP Levels to consider

To the upside, the next resistance is located at 0.7212 (Today’s High) and above which it could extend gains to at 0.7248 (April 20 High) levels. To the downside immediate support might be located at 0.7114 (April 23 Low) levels below that at 0.7080 levels.