The EUR/GBP pair has been ranging since the 19th of January 2016, with the price going back and forth between the levels of 0.7754 and 0.7582.
During the course of the day on Tuesday, the European pair hit the lows of 0.7582, before advancing up to 0.7713. Today, the pair consolidated within that level for a while, before rising to fresh highs of 0.7754, to subsequently drop down to 0.7668. In the event where the sellers manage to keep exerting strong pressures and the price breaks below 0.7668, the pair could decelerate down to 0.7638 and 0.7582 in extension.
Alternatively, in the scenario where the market attempts another bounce to the upside and the price breaks above 0.7754, the market could decelerate down to 0.7638 and 0.7582 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.