EUR/GBP: Technical Analysis and Market Outlook

EUR/GBP is trading around 0.8501, extending gains for a second consecutive day as traders cover short positions following the midweek sell-off. The pair remains on track for a fourth straight weekly loss, with resistance at 0.8520 and support at 0.8480.

EUR/GBP is currently in a sideways to slightly bullish position, with the immediate resistance at 0.8520 and support at 0.8480. The pair has been consolidating after a midweek sell-off, and traders are now covering short positions, leading to a slight recovery.

EUR/GBP edged higher on Friday, extending gains for a second consecutive day as traders cover short positions following the midweek sell-off. At the time of writing, the cross trades around 0.8501 but is still on track for a fourth straight weekly loss. The pair has been consolidating in recent sessions, with buyers stepping in to offset selling pressure. The immediate resistance is seen at 0.8520, while the support is placed at 0.8480. If the pair holds above 0.8480, it could potentially test the resistance at 0.8520 in the coming sessions. However, a break below 0.8480 could signal further downside.