The EUR/GBP cross quickly reversed a knee jerk slide to sub-8900 level and jumped back closer to the 0.8930 strong supply zone.
Currently trading around 0.8920 level, the cross slipped around 30-pips in wake of the latest UK labor market report that showed unemployment rate held steady at 42-year low and a narrow beat on the average weekly earnings growth.
The drop, however, was quickly bought into as market seemed unconvinced that today's jobs data was good enough to warrant any further BoE policy tightening beyond November meeting.
Despite of a sharp recovery, the cross struggled to break through an important hurdle near the 0.8930 region amid persistent weaker tone around the shared currency.
Meanwhile, the broader picture seems to suggest that investors seemed reluctant to place aggressive bets and prefer to wait for next week's ECB meeting before positioning for the next leg of directional move.
Technical levels to watch
A strong follow through buying interest beyond 0.8930-35 hurdle should lift the cross towards 0.8970-75 resistance ahead of the key 0.90 psychological mark.
On the downside, fall below the 0.8900 handle is likely to find support near 0.8875 horizontal level, which if broken could drag the cross towards 0.8835 support en-route the 0.8800 round figure mark.
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