EUR/GBP clings to daily gains near 0.8600
- The cross is looking to add to the ongoing rally near the 0.86 handle.
- German Industrial Production rebounded in February.
- PM T.May is seeking a deadline extension to June 30.
The sideline/offered bias around the British Pound is helping EUR/GBP to extend the up weekly up move to the vicinity of 0.8600 the figure.
EUR/GBP looks to Brexit, US Payrolls
The European cross is posting gains for the third day in a row at the end of the week, gradually approaching the critical handle at 0.8600 the figure as the optimism around GBP appears mitigated somehow.
In the meantime, Brexit talks are now gyrating around another extension of the deadline. In this regard, UK PM Theresa May is expected to ask the EU an extension until June 30, while EU’s Donald Tusk could offer extending the (never-ending) UK-EU divorce for an extra 12 months.
Closer to home, German docket finally brought in some good news today after Industrial Production expanded at a monthly 0.7% during February, leaving behind a negative start of the year.
Moving forward, US March Non-farm Payrolls are expected to drive the sentiment in the global markets later in the day.
EUR/GBP key levels
The cross is advancing 0.02% at 0.8580 and faces the next hurdle at 0.8648 (high Mar.29) followed by 0.8722 (high Mar.21) and finally 0.8829 (200-day SMA). On the downside, a break below 0.8502 (low Apr.3) would aim for 0.8483 (low Mar.27) and then 0.8471 (2019 low Mar.13).