The common European currency has surged by 1.47% in value against the British Pound since last week’s trading sessions. The currency pair tested a resistance cluster at 0.8593 on January 14.

The exchange rate breached a support cluster formed by the 50– and 100– period SMAs and the lower boundary of an ascending channel pattern at 0.8525.

Most likely, the EUR/GBP pair will continue to edge lower during the following trading sessions.

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However, a support level formed by the 200– hour simple moving average at 0.8461 could provide support for the currency exchange rate in the shorter term.

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