Mubasher: The rise in EUR/GBP to approach nearly 0.8850 on Tuesday is driven by the renewed selling bias in the British Pound, FXstreet said.

At the beginning of this week, the European cross is extending the optimism as it reversed Friday’s pullback, leaving intact the underlying bullish trend for the time being.

On another note, the US-China current trade dispute still plays the main role in driving the price action in the global markets, whereas the future of Brexit stays in centre stage on the domestic level.

Tuesday’s calendar in the Euro area showcased ECB’s M3 Money Supply and Private Sector Loans expanding at an annualised 4.7% and 3.4%, respectively, over April, as reported by FXstreet.

“The cross is gaining 0.12% at 0.8835 and a break above 0.8850 (monthly high May 24) would expose 0.9062 (low Jan.11) and finally 0.9092 (2019 high Jan.3). On the flip side, the next down barrier aligns at 0.8787 (200-day SMA) seconded by 0.8724 (low May 21) and then 0.8632 (55-day SMA),” FXstreet added.