The Eurozone single currency surged by 4.17% against the British Pound during last month’s trading sessions. The currency pair tested the 0.9050 area on May 29.
After the exchange rate breached the 0.9050 level, sellers took control of the market.
Most likely, the EUR/GBP pair will continue to edge lower during the following trading sessions. A breakout could occur through the bottom border of an ascending channel pattern.
However, if the channel pattern holds, the currency exchange rate would make an upside reversal this week.