The EUR/GBP quotations on the daily chart still look very interesting. The last three days have seen very strong growth and it is worth noting that in just three trading sessions the losses from the six downtrend sessions in the second half of July were recovered. This was the biggest price move since the beginning of the trend, i.e. since the beginning of May. However, a very strong demand response indicates that the upward trend should be maintained. In the daily chart we can see that yesterday not only the previous trend maximum was broken, but also the higher resistance, which consists of a series of highs from the end of last year and the beginning of this year.
Importantly, the price broke even the absolute maximum of 3 January above 0.91. On the Euro side, we have already had a meeting of the European Central Bank, which did not bring many surprises. On the pound side, we have the recurring theme of Brexit and the risk that Britain will eventually leave the European Union without any agreement. It seems that after the election of Boris Johnson as the new Prime Minister, this risk has increased even more and thus the upward trend in fundamental terms has a chance to continue.
