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July, 16 - EUR/GBP regained positive traction on Thursday

The EUR/GBP cross maintained its bid tone through the European session and was last seen trading near the top end of its daily range, just below the 0.9100 mark.

eurgbp1607Following the previous day's modest pullback, the cross managed to regain positive traction on Thursday and was being supported by the emergence of some fresh selling around the British pound. The EUR/GBP cross held on to its gains and had a rather muted reaction to the UK employment details.

On the other hand, the shared currency was seen consolidating its recent gains, led by hopes that the European leaders will make progress in agreeing on a roughly €1.85 trillion package. The package includes €750 billion in funds aimed at aiding the recovery of the region’s worst-hit economies. Nevertheless, the EUR/GBP cross remains well within the striking distance of two-week tops set on Tuesday, with bulls awaiting a sustained move beyond the 0.9100 mark.

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