EUR/GBP is currently trading above its key support level of £0.8503-to-£0.8484 and is approaching last week’s high at £0.8540. If this high is surpassed, the next target would be the 55-day simple moving average at £0.8558.
However, if the daily chart closes below £0.8484, the focus would shift to the July and August 2022 lows at £0.8409-04. It is important to monitor these levels to gauge the direction of EUR/GBP in the near term.