Looks to test last weeks highs
The EURGBP has been soaring as the Brexit idea keeps the GBPUSD under pressure (the GBPUSD has traded below the 100 bar MA on the 4-hour chart at 1.4209 but is waffling around the level - now making a break lower after the better US data) and that weakness is flowing into the EURGBP as well.
The EURGBP pair moved above the 100 hour MA, corrected and held support against it, before surging higher over the last 4 or so hours of trading. The move higher tested the highs from last week at the 0.7910 level. The high reached 0.7904. The price has come back down to the 0.7994 level as traders seemed to have leaned against that high price from last week. Looking at the hourly chart, an old trend line slashes across at 0.7891. A move below that level will be eyed for clues that the high might be in place at least for the time being.
As mentioned, the GBPUSD has now broken support at the 1.4209 level in the GBPUSD and the pair trades below the 1.4200 level. The EURGBP has moved back above the 0.7900 level. Perhaps we get another look at the 0.7910 level.
