EUR/GBP hits fresh session high at 0.8525

The EUR/GBP cross maintained its bid tone for the sixth consecutive session and is now heading back towards two-week high touched last week. 

Currently trading at a fresh session peak, around 0.8525 level, the cross initially dropped to 0.8500 handle but quickly regained traction amid renewed selling pressure around the British Pound, with the GBP/USD pair dropping back closer to session low. 

Moreover, extension of the EUR/USD pair's tepid recovery bounce, from 14-year lows, is further assisting the cross to build on to last week's strong recovery gains. 

Technical levels to watch

Immediate resistance is pegged near 0.8545-50 (Dec. monthly highs) above which the cross is likely to aim towards 0.8578 resistance (Nov. 30 high), en-route 0.8600 round figure mark. On the downside, weakness back below 0.8500 psychological mark is likely to drag the cross back towards 0.8480-75 intermediate support ahead of its next major support near mid-0.8400s.