EUR/GBP reverses Monday’s corrective slide

The EUR/GBP cross continues to gain traction and is now building on to its momentum above 0.9000 handle, erasing majority of losses posted in the previous session. 

Currently trading at fresh session peak around 0.9020 region, the pair's initial leg of up-move was led by slightly lower-than-expected UK manufacturing PMI print, which came-in at 54.3 as compared to 54.5 expected and down from September's 55.5. 

Adding to this, a fresh bout of short-covering around the EUR/USD major, with the pair now trading comfortable above 1.1000 psychological mark, provided additional leg of bullish momentum for the cross. 

Market participants now look forward to BoE's super Thursday, which would looked upon for fresh impetus for the next leg of directional move for the cross. 

Technical levels to watch

Momentum above 0.9025 immediate resistance is likely to get extended towards 0.9050 resistance area above which the cross seems all set to reclaim 0.9100 handle. On the downside, 0.9000 psychological mark now becomes immediate support, which if broken might exert further selling pressure and drag the cross towards 0.8965-60 support area.

 

 

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