In our view, today's price action would decide the critical support and resistance levels for EUR/GBP.
Looking at the EUR/GBP 4-hour chart, we can see yesterday's move from 0.853 to 0.863, a mere 1.2% move dwarfing any other price action for the past month.
This could be a bullish sign, and more price surges could follow. After this move, 0.863 would form an overhead resistance, and 0.859 could be the first support base.
Currently, it is trading near its resistance, trying to consolidate and hold on to yesterday's gains around the 0.862 price range.
Today, we could expect another test of the 0.863 resistance level and a move in the 0.864 range if it manages to consolidate at the current level.
If it does not consolidate, we could expect a retraction and a move towards and below the 0.86 support level.
