FXStreet (Edinburgh) - EUR/GBP is now looking to confirm its bounce off session lows in the 0.7550 area, slowly advancing to test the 0.7560/65 band. EUR/GBP focus on IFO, Draghi The European cross is extending its downside from last week after being rejected from 1-year highs in the mid-0.7700s, following a softer tone in the single currency and some sort of recovery of the British pound. Ahead in the session, the German IFO indicator will be in the limelight in Europe, where consensus expects a slight downside correction for the current month. Later in the evening, President M.Draghi will give a speech at the German bourse in Eschborn. EUR/GBP key levels The European cross is now up 0.01% at 0.7562 with the next resistance at 0.7756 (high Jan.20) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a break below 0.7514 (20-day sma) would aim for 0.7492 (2-month uptrend) and finally 0.7310 (low Jan.5). For more information, read our latest forex news.