The Euro (EUR) to British Pound (GBP) currency pair has been on an uptrend since March last year, except for a brief spike to 0.9278 GBP in September, the pair has been in a convincing uptrend, reaching a historic high earlier this year at GBP 0.8897. This was achieved after breaking out of an intermediate downtrend when the pair activated a buy signal. However, this has not yet been fully implemented, so more price increases are likely to follow. A complete pullback that has occurred over the past few days is also beneficial.
From the status quo, there is initial upside potential for EUR/GBP to the current high for the year at GBP 0.8897, another target above that emerges from technical analysis at GBP 0.995. It is precisely for this last section that one can definitely consider a long investment. If it breaks below the striking support consisting of the EMA 50 at GBP 0.8758, discounts to the annual lows at GBP 0.8721 will have to be considered. Conversely, below GBP 0.8700 will face losses on a longer-term uptrend around GBP 0.8608.
EUR/GBP; Weekly, local time (GMT+1); Rate of the currency pair at the time of writing the analysis GBP 0.88227; trading place: spot market; 08:00 in the morning