The EUR/GBP pair has been under selling pressures since Tuesday, 13th of October, 2015, with the sellers being able to drive the price from as high as 0.7491 to as low as 0.7342.
Today, the pair stabilised between the levels of 0.7342 and 0.7371. Given that there is a significant level of support at 0.7333, the pair would probably bounce back up. In the event that the buyers manage to exert stronger pressures and push the price higher, above the previous resistance zone of 0.7400, profit targets could be set at 0.7417 and 0.7435 in extension.
Conversely, in the scenario where the sellers continue pressing the pair lower and the price breaks below the level of 0.7332, the pair could go down to 0.7233.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.