Since last week’s trading sessions, the common European currency has surged by 99 pips or 1.16% against the British Pound. The currency pair tested the 0.8590 level on August 23.
All things being equal, the exchange rate is likely to continue to edge higher in an ascending channel pattern during the following trading sessions. The possible target for the EUR/GBP pair will be near the 0.8640 area.
However, buyers could encounter resistance at the 0.8590 level during this week’s trading sessions.
