Pair failed on break lower
The EURGBP fell to another new low going back to May 2017 – taking out the swing lows from the last few days. That should have ignited more downside momentum.
It was not to be. The price is now making new day highs and has traders looking toward a test of the 100 hour MA (blue line in the chart above).
A move above that MA will also have other targets including the 38.2% of the move down from last week’s high at 0.8666, and the underside of a broken trend line at 0.8669. Get above that, and the upside opens up for the pair.