EUR/GBP jumps to session high at 0.8380

After dipping to session low around 0.8338 level, the EUR/GBP cross regained its bullish traction and is now trading near session high level near 0.8380 region.

The shared currency benefitted from the upbeat print of the German IFO Business Climate index for July. The Business Climate, Business Expectations and Current Assessment printed 108.3, 102.2 and 114.7 respectively.

Meanwhile, the British Pound remained confined within a broad trading range, struggling for direction in absence of any economic releases from UK.

Going forward, important macro releases, Q2 GDP data from UK and Euro-zone on Wednesday and Friday respectively, and the preliminary release of Euro-zone CPI on Friday, would now assist traders to determine the near-term direction of the EUR/GBP cross. 

Technical levels to watch

On the upside, 0.8400 region remains immediate strong resistance, above which the pair seems to extend its bullish traction towards 0.8470 (July 14 high) before heading towards 0.8500 psychological mark resistance. 

On the downside, weakness below session low support near 0.8337, and a subsequent break below 0.8300 handle, now seems to force the pair to break through 0.8250 (July 14 swing lows) and head towards extending its near-term corrective move towards 0.8188 (June 27 low).