• Jumps to the highest level since Oct. 20.
• UK wage growth data to provide fresh impetus.
The EUR/GBP cross was seen digesting overnight strong gains and oscillated in a narrow trading band near 4-week tops touched earlier.
The pair’s post-ECB recovery move got an additional boost from Tuesday's upbeat German GDP print and took along stops placed near the 0.8920-25 region.
The bullish momentum extended for the third consecutive session on Wednesday, with the cross touching its highest level since October 20.
The cross now seems to have entered a bullish consolidation phase as investors now look forward to the UK employment figures for some fresh impetus.
With UK inflation showing initial signs of peaking, UK earnings growth data will gather plenty of market attention and might turn out be a key determinant of the pair's next leg of directional move.
Technical levels to watch
A follow-through buying interest has the potential to continue lifting the cross towards the key 0.90 psychological mark ahead of 0.9025-35 resistance. On the flip side, any profit-taking slide might now find immediate support near mid-0.8900s, which is closely followed by support near the 0.8925-20 region.
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