The EURGBP currency pair, currently trading at a rate of 0.85983, is holding onto its gains for the week and preparing for important speeches from central bankers. According to the viewpoint of @nehcap, they anticipate that there will be more increase in the price.

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• EUR/GBP consolidates weekly gains ahead of key central bankers’ speeches.

The pair currently trades last at 0.85983.

The previous day high was 0.8613 while the previous day low was 0.8568. The daily 38.2% Fib levels comes at 0.8596, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8585, expected to provide support.

EUR/GBP aptly portrays the pre-event anxiety as it pares the weekly gains with mild losses around 0.8595 heading into Wednesday’s European session.

In doing so, the cross-currency pair reverses from the confirmation point of the Inverted Head-and-Shoulders (H&S) bullish chart pattern before speeches from Bank of England (BoE) Governor Andrew Bailey and the European Central Bank (ECB) President Christine Lagarde.

That said, the bullish MACD signals also keep the EUR/GBP pair buyers hopeful.

However, the latest bullish consolidation may direct the quote toward 0.8570 while any further downside could lure bears and challenge the monthly low, as well as the yearly bottom, surrounding 0.8520.

In a case where the EUR/GBP breaks the 0.8520 level, a quick fall toward the 0.8500 threshold can’t be ruled out.

On the flip side, a clear upside break of the 0.8605 hurdle will confirm the inverted H&S bullish chart formation. However, the 200-SMA hurdle of 0.8620 may act as an additional upside filter for the bulls.

Following that, the late May swing high of around 0.8720 may prod the EUR/GBP bulls during the run-up aiming for the theoretical target of the inverse H&S, namely around 0.8730.

Trend: Further upside expected

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8598 at the time of writing. Pair opened at 0.8597 and is trading with a change of 0.01% % .

The pair is trading above its 20 Daily moving average @ 0.8579, below its 50 Daily moving average @ 0.8676 , below its 100 Daily moving average @ 0.8749 and below its 200 Daily moving average @ 0.8748

The previous day high was 0.8613 while the previous day low was 0.8568. The daily 38.2% Fib levels comes at 0.8596, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8585, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8572, 0.8547, 0.8527
• Pivot resistance is noted at 0.8618, 0.8638, 0.8663

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