• Bullish for the third consecutive session.
• Gains nearly 250-pips from post-ECB swing lows.
• Follow-through traction needed to confirm further up-move.
The upside momentum around the shared currency continues to gather momentum, now pushing the EUR/GBP cross to test the key 0.90 psychological mark.
The latest UK political development triggered the initial leg of up-move at the start of this week, which got an additional boost from Tuesday better-than-expected German GDP print and a slight miss from the UK inflation figures.
With the GBP bulls unimpressed by today's better-than-expected UK jobs data, the cross continued gaining traction for the third consecutive session and moved past pre-ECB highs to its highest level since Oct. 20.
The market now seems to have digested the UK macro data and it would now be interesting to see if the bulls maintain their dominant position or the cross, for the third time since early Oct., fails to sustain above the 0.9000 handle.
Technical levels to watch
Bullish momentum beyond the mentioned handle is likely to confront fresh supply near the 0.9030-35 region, above which the cross is likely to aim towards reclaiming the 0.9100 handle.
On the flip side, 0.8975-70 area now becomes immediate support, which if broken could drag the cross back towards 0.8925 intermediate support en-route the 0.8900 handle.
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