The corrective move in the pair continues to play out
The pair continues to “play by the book” on the technical breakout following the jolt higher on Tuesday, as it climbs to a high of 0.8686 currently.
For the majority of the year, the pair has come under unrelenting pressure to the downside and it looks like buyers are coming up for some air as the correction looks to extend back towards 0.8700 at least for the time being.
The 26 February high @ 0.8731 will be a key one to watch in gauging any further upside momentum in the pair based on the latest correction.
This in turn is putting further downside pressure on the pound elsewhere, with GBP/USD falling to its lowest levels in two weeks to 1.3675 and GBP/JPY is also weighed down to 149.64 as we get things underway in European morning trade.