EURGBP resumes bearishness as ECB starts bond buying

The EURGBP resumed its bearish direction as the European Central Bank started its 1 trillion-euro bond-buying programme on Monday.  

Last week, the ECB said it would buy 60 billion euros each month, while may extend the bond purchases beyond September 2016, if deflationary pressures persist.

Amid the lingering fiscal imbalances facing Greece, the outlook for the U.K. looks more positive than the euro area.

Worries regarding Greece may add further pressure on the common currency, as the Hellenic country prepares to present its reform plans in Brussels.

Eurogroup Chairman Jeroen Dijsselbloem urged Greece on Sunday to "stop wasting time" and start its reform plans to avert running out of cash.

Meanwhile, the EURGBP is trading around 0.7172, where the session’s low was hit at 0.7169 and the high was touched at 0.7218.

The pair dropped more than 0.50 percent the previous week, while it is set for its sixth straight weekly decline.