The EUR/GBP pair has been decelerating since the 4th of January 2016, with the bearish pressures being noticed from as high as 0.7423 to as low as 0.7311.
The cross fell significantly on Tuesday from 0.7363 down to 0.7311. As of writing, the pair is registering an upward movement for the first time in the week, ahead of releases in the eurozone and the U.K., currently trading at 0.7336. In the event that the bears resume their selling activity and force the pair to penetrate the 0.7311 level, the price could keep going lower at 0.7279 and 0.7251 in extension.
Alternatively, in the scenario where the buyers gain enough momentum to push the price above 0.7344, the pair could escalate up to 0.7368 and 0.7381 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.