Forex: EUR/GBP hits fresh highs above 0.8550 on bailout deal for Cyprus

FXstreet.com (Córdoba) - The Euro rose across the board after a deal was reached between Cyprus and the European Union. The EUR/GBP rose from 0.8515 to 0.8557 reaching the strongest level since last Thursday and currently remains near the highs. Demand for the Euro rose after a deal was announced but market participants are still waiting for more details from the agreement.

EUR/GBP bottomed on Friday at 0.8483 (lowest price since Feb 11) during the European session and since then it has risen more than 60 pips. Despite recent recovery the EUR/GBP has not been able to fill the bearish gap created seven days ago.