EUR/GBP hits two-week tops, climbs further beyond mid-0.8600s

   •  Brexit uncertainties continue to dent sentiment surrounding the British Pound.
   •  The shared currency recovers a part of dovish ECB-led slide and remains supportive.

The EUR/GBP cross quickly reversed an early European session slide to an intraday low level of 0.8640 and rallied nearly 30-pips in the last hour.

The cross built on last week's goodish bounce from closer to over nine-month lows, retested in wake of a dovish ECB monetary policy update, and continued gaining positive traction for the second consecutive session on Monday amid the prolonged uncertainty over the UK exit from the European Union.

The latest leg of a slide in the Sterling followed a news report that the UK PM Theresa May's Brexit game plan could change course yet again. According to Tom Newton Dunn - The Sun's political editor, May will likely decide to change tomorrow’s vote from a meaningful one to a provisional one.

The move to put forward a provisional vote of a revised Brexit deal - one with changes needed for the backstop, was on hopes to get parliament support, which would enable May to concede European leaders to offer the needed concessions at the EU summit on 21-22 March.

It, however, remains to be seen if the cross is able to capitalize on the positive move or meets with some fresh supply at higher levels amid absent relevant market moving economic releases - either from the Euro-zone or the UK, and a host of incoming Brexit headlines.

Technical levels to watch