EUR/GBP jumps back above 0.8600, moves closer to post-Brexit highs

Extending its upward trajectory for fourth straight session, the EUR/GBP cross jumped back above 0.8600 handle and is now inching closer to post Brexit swing highs.

A renewed selling pressure around the British Pound helped the cross to build on to its recent gains. Meanwhile, a broader recovery in the greenback is also weighing on the shared currency, which might now raise some hurdle to the EUR/GBP pair's ongoing bullish momentum.

With an empty economic docket, the cross would continue to take cues from the prevalent sentiment surrounding the British Pound and any further recovery momentum around the US Dollar.

Technical levels to watch

From current levels, 0.8617 seems to provide some immediate barrier, above which the momentum is likely to get extended towards August 2013 high resistance near 0.8650 region. On the flip side, 0.8580 level (previous resistance) now turns immediate support to defend, which if broken seems to trigger a corrective move back towards 0.8500 psychological mark support.