EURGBP has recently broken through a moderately strong resistance. Fueled by the "safe" outcome of the French election and comment by Donald Trump of the Euro being undervalued, the currency has seen a decent rally over the past few months. This is supported by the huge rally that the EUR has had against the USD (EURUSD).
The GBP on the other hand has been seeing some weakness as traders have been bearish on the currency as can be seen by other GBP pairs (GBPJPY, falling; GBPUSD, not rallying despite weakness in USD)
Overall this pair seems to be prepared for a rally in the coming months, given that fundamentals do not significantly change. There is a possibility however that the pair might retrace to the 0.618 fib before continuing its upward trend.
Safe and Successful Trading.
The GBP on the other hand has been seeing some weakness as traders have been bearish on the currency as can be seen by other GBP pairs (GBPJPY, falling; GBPUSD, not rallying despite weakness in USD)
Overall this pair seems to be prepared for a rally in the coming months, given that fundamentals do not significantly change. There is a possibility however that the pair might retrace to the 0.618 fib before continuing its upward trend.
Safe and Successful Trading.