The EUR/GBP has been moving sideways since the 27th of January 2016, with the price ranging between the levels of 0.7665 and 0.7561.
During the course of the day on Friday, the European cross fell down to 0.7561, but found enough support to turn things back around and reach the daily highs of 0.7648. Today, the pair consolidated lower, ranging between the levels of 0.7623 and 0.7574. In the event that the sellers keep pressing lower and the price breaks below 0.7561, the pair could find support at 0.7549 and 0.7526 respectively.
Conversely, in the scenario where the price attempts a retracement to the upside and the price breaks above 0.7612, the pair could rise up to 0.7632 and 0.7665 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.