EUR/GBP spikes to 0.8800 handle post-ECB minutes

The EUR/GBP cross once again managed to rebound from 0.8755 important support and jumped to fresh session tops following the release of ECB minutes. 

Minutes of the June 7-8 ECB meeting revealed that policymakers discussed removing easing bias if confidence in inflation outlook improved. Adding to this, the central bank's assessment that conditions were in place for gradual inflation pickup provided a minor boost to the shared currency and lifted the cross to fresh session highs around 0.8795-0.8800 region. 

Despite the up-move, the cross remains within its 6-day old broader trading band between the 0.8815-0.8755 region amid prevalent positive trading sentiment surrounding the GBP/USD major. Hence, it would be prudent to wait for a decisive break through the said range before committing to the pair's next leg of directional move.

Technical levels to watch

Bulls would be eyeing for a clear break through the trading range resistance near 0.8800-10 area, above which the cross seems to dart towards mid-0.8800s en-route yearly tops resistance near 0.8880 level.

On the downside, 0.8755-50 region remains an immediate support to defend, which if broken could accelerate the slide towards 0.8700-0.8690 horizontal zone ahead of 0.8650 important support.