EUR/GBP taps 0.9300 mark for the first time since Oct. 2009

A stronger Euro helped the EUR/GBP cross to continue gaining traction and tick beyond the 0.9300 handle for the first time since Oct. 2019.

The cross is up for the third consecutive session and has gained in excess of 350-pips since the beginning of this month. The bullish sentiment around the shared currency, which got an additional boost following the ECB President Mario Draghi's speech at the highly anticipated Jackson Hole Symposium, has been one of the key factors driving the cross higher.

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Meanwhile, the latest comments from EU officials, that none of the UK position papers was satisfactory and that it would not begin talks on trade terms until divorce issues are agreed, was seen keeping a lid on the British Pound and remained supportive of the pair's strong up-move.

It, however, remains to be seen if bulls continue to hold the dominant position amid near-term overbought conditions and higher possibilities of some profit taking slide around the EUR/USD major.

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Technical levels to watch

Sustained momentum beyond the 0.9300 handle is likely to get extended towards 0.9340 resistance before the cross eventually darts towards reclaiming the 0.9400 handle. On the flip side, any corrective slide now seems to find immediate support near the 0.9265-60 region, which if broken might trigger a corrective slide towards 0.9225 intermediate support en-route the 0.9200 handle.