The EUR/GBP cross edged higher through the early European session and shot to two-and-half-week tops, around the 0.8645 region in the last hour. The shared currency found some support following the release of better-than-expected PMI prints from France and Germany. On the other hand, softer UK consumer inflation figures further contributed to the British pound's relative underperformance against its European counterpart.
Bulls might wait for some follow-through buying beyond the mentioned barrier before positioning for an extension of the recent bounce from over one-year lows. That said, a sustained move beyond the said hurdle could push the EUR/GBP cross beyond monthly swing highs, around the 0.8665-70 region. The momentum could further get extended towards the 0.8700 mark, above which bulls might aim to retest the 0.8730-35 supply zone. On the flip side, a short-term descending trend-line resistance breakpoint, currently around the 0.8600 mark now seems to protect the immediate downside.