Looking at the EUR/GBP weekly chart, we can see its consolidation above 0.854 after the Nov. 4 spike up from the support level of 0.846 to 0.855 price range.
The pair reached as high as 0.859, but was unable to hold on to that price level and retracted back to the 0.855 range.
EUR/GBP is currently trading around the 0.854 price range, resting on its support level and overhead resistance levels at 0.857 and 0.859, respectively.
Today, we could expect a move upwards towards the 0.857 resistance somewhere in the 0.856 price range.
If, however, it doesn’t manage to hold on to the current level, we could expect a drop below the 0.854 support level.
