The EUR/GBP pair has been trending upwards since the 14th of March 2016, with the bullish pressures being noticed from as low as 0.7735 to as high as 0.7900.
On Wednesday, the pair moved on the sidelines, reaching the daily high of 0.7884. Today the pair rose, currently testing session highs at 0.7900. The British pound will probably remain under pressure, as the Bank of England MPC is due to meet later, with the markets not expecting any change on the bank’s stance.
In the event that the buyers keep pushing higher and the European cross breaks above 0.7900, the price could escalate up to 0.7936 and 0.8002 in extension.
Alternatively, in the scenario where the sellers gain enough momentum to force the pair below 0.7836, the price could find support at 0.7802 and 0.7735 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view