Trades higher as GBP runs out of steam
The EURGBP has pushed above – and away – from a recent ceiling at 0.89566-597 area (highs from May 18, and May 19). Earlier in the session, there were two runs that stalled and retraced a bit, but the current hourly bar has held support at the area and pushed higher. Buyers are making a play.
Taking a broader look at the daily chart, the next topside target comes at the 38.2% retracement of the move down from the March high to the April low. That level comes in at 0.89866. The retracement level corresponds with a high from March 30 and is near a low going back to March 20 at 0.8990. Get above that area (from 0.8986 to 0.8990) should open up the door for further upside momentum.