EUR/GBP climbs to 5-day peaks beyond 0.8900
|- The cross moves higher above the 0.8900 handle.
- The selling mood around the Sterling behind the up move.
- The 0.8800 area emerges as solid support so far.
The bearish note around the British Pound is now pushing EUR/GBP to fresh multi-session tops beyond 0.8900 the figure.
EUR/GBP supported around 0.8800
The European cross is advancing for yet another session on Wednesday and managing to reclaim the critical 0.8900 milestone as the Sterling has resumed the downside so far today.
In the meantime, GBP stays vigilant on developments around Brexit ahead of the key vote in the House of Commons expected on December 11. The debate on May’s deal, however, is expected to start on December 4.
In the data space, the BoE’s M4 Money Supply expanded 0.7% MoM in October, while Consumer Credit rose to £0.894 billion during the same period. In Euroland, the salient event will be the German flash inflation figures for the month November, due later.
EUR/GBP key levels
The cross is now up 0.53% at 0.8910 facing the next hurdle at 0.8933 (high Nov.19) seconded by 0.8941 (high Oct.30) and then 0.9001 (high Sep.24). On the downside, a breakdown of 0.8835 (200-day SMA) would aim for 0.8810 (LOW NOV.28) and finally 0.8807 (21-day SMA).
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