The EUR/GBP pair has been trading downwards since the 20th of January 2016, with the bearish pressures being noticed from as high as 0.7754 to as low as 0.7526.
During the course of the session on Friday, the pair plunged from 0.7648 all the way down to 0.7526. Today, the European cross moved a bit higher, consolidating between the levels of 0.7607 and 0.7574. In the event that the buyers manage to overweigh sellers in trading volume and push the price above 0.7631, the pair could escalate up to 0.7655 and 0.7677 in extension.
On the flip side, in the scenario where the sellers succeed in resuming their previous activity and force the pair below 0.7555, the price could decelerate down to 0.7515 and 0.7466 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.