EUR/GBP is following a significant uptrend above the 0.8900 swing low.
There are two bullish trend lines in place with supports near 0.8940 and 0.8880 on the daily chart.

EUR/GBP Technical Analysis

The Euro remained in a major uptrend above the 0.8800 level against the British Pound. The EUR/GBP pair formed a support near 0.8800 and the 50-day simple moving average and climbed above 0.8900.

The pair traded above the 0.9000 level recently before starting a downside correction. It declined below the 0.8950 level and tested the 0.8900 support. A low was formed 0.8896 before the pair started a fresh upward move.

The pair surged above the 0.8950 level and the 50% fib retracement level of the last drop from the 0.9030 high to 0.8896 low. The current price action indicates that EUR/GBP could continue to move higher towards the 0.9000 level.

Moreover, the pair is likely to break the 76.4% fib retracement level of the last drop from the 0.9030 high to 0.8896 low to move towards the 0.9030 high. Above this, the pair may perhaps continue to move higher towards the 0.9050 and 0.9060 level.

On the downside, there are two bullish trend lines in place with supports near 0.8940 and 0.8880 on the daily chart. Therefore, the pair is clearly trading with bullish moves above the 0.8900 support.

Overall, it seems like EUR/USD may perhaps correct higher towards the 1.1600 and 1.1635 resistance where sellers could appear. On the flip side, EUR/GBP is likely to accelerate above the 0.9000 level for more gains in the near term.

The market outlook is provided by FXOpen broker.

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