After a period of weakness during the second quarter, EUR/GBP has rallied in recent weeks, but has stalled at confluence resistance near the psychological 0.8700 level. For the pair to continue its rebound in FX markets, the ECB needs to inject upside momentum into the euro, but may not be able to do so given recent rhetoric from key members of the bank.

In the event that EUR/GBP (euro – British pound) fails to reclaim the upper hand and reverses lower, initial support rests around the 0.618% fib ret near 0.8610, but if the bears take out this floor decisively, prices may slump toward the 2023 lows.

Conversely, if EUR/GBP manages to regain its poise and clears overhead resistance at 0.8700 in a clean break, bulls could become emboldened to launch an attack on 0.8800, the 38.2% Fibonacci retracement of the September 2022/July 2023 sell-off.

Today we will see how it will be data release euro & Gbp and be careful


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