EUR/GBP looks for direction above 0.8600

• The cross comes down after hitting weekly highs near 0.8650.
• EU Summit, Brexit negotiations in the limelight.
• Brexit cross-party talks expected to continue today.

The better mood in the risk-associated universe is lending extra support to both the Sterling and the single currency today, prompting EUR/GBP to exchange gains with losses in the 0.8600 neighbourhood.

EUR/GBP focused on Brexit talks

The European cross is looking to add to recent gains above 0.8600 the figure amidst the broader rebound from last week’s lows in the 0.8500 region.

In the meantime, and back to the Brexit drama, PM Theresa May is expected to resume the cross-party talks today ahead of the key emergency EU Leaders Summit in Brussels tomorrow.

Furthermore, latest news cited EU’s negotiator M.Barnier saying the withdrawal agreement will not be re-opened.

In the UK docket, GDP figures, Trade Balance and Industrial/Manufacturing Production are due tomorrow seconded by the ECB monetary policy meeting.

EUR/GBP key levels

The cross is retreating 0.03% at 0.8616 and faces the next support at 0.8571 (21-day SMA) followed by 0.8502 (low Apr.3) and then 0.8483 (low Mar.27). On the upside, a break above 0.8648 (high Mar.29) followed by 0.8722 (high Mar.21) and finally 0.8827 (200-day SMA).