EUR/GBP 4H Chart: Breakout Occurs

The single European currency has edged higher by 1.03% against the British Pound since last week’s trading sessions. A breakout occurred through the upper line of a descending channel pattern during yesterday’s trading session.

Given that a breakout has occurred, the currency pair could continue to edge higher during the following trading sessions. The possible target for the exchange rate will be near the 0.8700 level.

However, the 200–” period simple moving average at 0.8653 could provide resistance for the EUR/GBP currency exchange rate within the following trading sessions.