EUR/GBP attempting a fresh move towards 0.8500 handle

After Friday's brief pause, the EUR/GBP cross has managed to attract fresh buying interest and might now make fresh attempt to reclaim 0.8500 handle.

Last week, the pair failed to build on its Thursday's strong gains and a subsequent up-move to 0.8500 round figure mark on Friday. The British Pound was seen relatively outperforming its European counterpart following BOE-led sharp slide on Thursday.

German industrial production data could provide some short-term momentum play. However, in absence of any major economic releases, the cross might continue to struggle in gaining fresh buying interest. Hence, any further bullish momentum might continue to remained capped at 0.8500 mark. 

Technical levels to watch

On the immediate upside, 0.8500 psychological mark remains immediate resistance to clear, which if conquered decisively seems to pave way for continuation of the pair's near-term upward trajectory towards July daily closing highs resistance near 0.8580 region.

On the flip side, momentum below 0.8470-65 area is likely to find support near 0.8430 region, which if broken decisively would negate near-term bullish expectations and drag the pair back below 0.8400 handle, towards its next major support near 0.8360-50 zone.