The common European currency has been appreciating in an ascending channel pattern against the British Pound. The currency pair has surged by 5.54% in value since February 18.
Currently, the exchange rate is trading near a resistance cluster formed by the weekly R1 and the monthly R1 at 0.8734.
If the resistance cluster holds, bears are likely to pressure the EUR/GBP pair lower towards the 0.8550 area during the following trading sessions.
However, if the currency exchange rate breaks the resistance lines, a breakout through the upper boundary of the ascending channel pattern could occur within the next few days.
