Looking at the EUR/GBP weekly chart, we can see that the uptrend began on Dec. 8, rising from the 0.849 price range to the 0.858, attempting to consolidate on Dec. 9 and failing.
After that, the price retraced to 0.854, where it traded steadily until yesterday. EUR/GBP fell to 0.850 but quickly bounced back up to its previous range.
Today, it managed to withstand another retraction and is currently trading around the 0.853 price range with 0.854 key overhead resistance and a first support base at 0.85.
Today, we could expect an attempt to break through the critical resistance level of 0.854 and possibly a move towards 0.856.
However, if it doesn’t manage to break out or hold on to the current level, we could expect a move towards the 0.85 support level and possibly below.
