EUR/GBP taps 0.9000 handle ahead of German CPI
|Renewed selling pressure around the British Pound is assisting the EUR/GBP cross to build on Thursday recovery gains and hit fresh weekly high.
Currently trading around 0.9000 psychological mark, the cross maintained bid tone for the second straight session amid ongoing 'hard Brexit' concerns, which continue to undermine the British Pound. Adding to this, a tepid recovery in the EUR/USD major is also assisting the pair's recovery trend for third day in the previous four.
Traders now look forward to crucial German CPI print for the month of October. Consensus estimates anticipate the CPI to rise at an annualized pace of 0.8% in October, while the broader HICP gauge is expected to gain 0.6%.
Technical levels to watch
A follow through buying interest above 0.9000 psychological mark seems to boost the cross immediately towards 0.9025 horizontal resistance above which a fresh leg of appreciating move has the potential to continue lifting the pair in the near-term, further towards its next major hurdle near 0.9100 handle.
On the flip side, weakness below 0.8980 immediate support now seems to find support near 0.8950-45 zone (session low), which if broken would turn the cross vulnerable to head back towards 0.8900 handle.
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