Technical Analysis

EUR/GBP extends breakout to fresh two-month highs

EUR/GBP pushes above 0.9100 to its highest levels since 26 March

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The pair is continuing to ride the momentum from the upside break towards the end of last week, with buyers shaking off daily resistance from the 29 May high @ 0.9055.

The pair is now posting fresh highs of 0.9023, last seen since 26 March as the push higher continues. In turn, this is keeping the euro a little more underpinned with the pound now seen closer to flat levels against the dollar as well as a result.

From a technical perspective, there doesn’t look to be much to stop the pair from a move back towards 0.9200 and even if you draw a Fib from the swing move lower from mid-March to end-April, further resistance is only seen closer to 0.9184 next.

Just in keep in mind that month-end Buba demand is also a factor to consider but the technical breakout is also something that gives buyers more conviction in this case.

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