Looking at the EUR/GBP chart, we can see the 1.2% surge in price on Feb. 4, reacting immediately to the fall into the 0.83 price level support, shooting up a well into the 0.842 range and reaching as high as 0.847.
However, there wasn't another attempt at breaking out, as it ran out of steam, falling lower and lower but holding above the 0.841 support level.
It has been trading since then, in a channel between support of 0.841 and that 0.847 acting as overhead resistance. It is currently found trading at the 0.842 range.
Today we could expect a move near and below the support of 0.841 as positive momentum seems to have weakened.
If, however, it manages to hold above the 0.841 range, then a move towards the 0.847 overhead resistance could be expected.
