The EUR/GBP pair has been advancing since the 9th of October 2015, with the buyers driving the price from as low as 0.7336 to as high as 0.7492.
Subsequently, the currency pair stabilized between the levels of 0.7470 and 0.7447, with the latest bearish candlesticks currently hovering over 0.7456. This indicates that the sellers are trying to overweigh buyers in trading volume and gain momentum. In case that they succeed in doing so, they could lead the price to break below 0.7432 and reach the levels of 0.7413 and 0.7396 in extension.
Alternatively, in the event that the buyers manage to resume their upwards pressures and push the price to break above the level of 0.7492, the pair could rise up to 0.7508.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.