The shortfall in the GBPUSD on the back of the EUs Sefcovic comments (CLICK HERE), has sent the EURGBP sharply higher.
The pair has moved up to a resistance swing area between 0.8626 and 0.86295 (see red numbered circles). The 61.8% retracement of the move down from the May 25 high to the June 4 low is also in that area.
So far, sellers have leaned against that area. A move above would tilt the bias more to the upside with traders targeting the high from June 2 at 0.86388 followed by the swing area between 0.8642 and 0.86486. The might as well add the falling 100 day moving average at 0.86511 as a potential upside target.
Moving back below the midpoint of the aforementioned trading range at 0.86168, would take some of the steam out of the buyers enthusiasm.