EUR/GBP slide to fresh session low near 0.8630 level
|After a weekly bullish gap, the EUR/GBP cross ran through fresh offers and turned lower for fourth session in the previous five.
Currently trading just below mid-0.8600s, a strong bid tone surrounding the British Pound failed to assist the cross to build on weekly bullish gap. Moreover, a fresh bout of short-covering around the GBP/USD major further collaborated towards accelerating the pair's downslide from three-day tops.
Meanwhile, the release of better-than-expected German IFO Business Climate index for March remained supportive of a strong bid tone surrounding the EUR/USD major, which might extend some immediate support and limite further depreciating move.
With the Brexit journey to officially begin on Wednesday, any news coming out of the UK PM Theresa May meeting with Scottish First Minister Nicola Sturgeon would influence the British Pound and infuse volatility across GBP pairs.
Technical levels to watch
Bears would be eyeing for weakness below 0.8640 level (session low), the cross is likely to accelerate the slide towards 0.8615-10 strong support before eventually dropping to 0.8575 horizontal support.
On the upside, momentum above session peak resistance near 0.8675 level now seems to lift the cross beyond the 0.8700 handle towards its next hurdle near 0.8730-35 zone.
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