EUR/GBP Continues Rising

The EUR/GBP pair continued moving to the upside and today it broke above 0.8700 again. The pair is clearly trying to test the previous high at 0.8724 and depending on whether it succeeds or not it will become clear how it will develop for the foreseeable future. A bounce off that level will form a clear double top, which would be a signal for a new impending move to the downside, likely towards the previous low at 0.8332. If the pair does succeed in breaking above the previous high at 0.8724, however, we can probably expect a further move to the upside towards the previous high at 0.8814.