The British Pound gained a lot of bullish momentum recently against the US Dollar and Euro. The EURGBP pair declined and settled below the 0.8830-0.8800 support area.
The pair looks set to extend losses in the near term below 0.8750. There is a short-term breakout pattern forming with resistance near 0.8765 on the hourly chart.
The pair is likely to remain capped by 0.8765 and 0.68780 in the near term. On the downside, a break and close below 0.8750-45 could set the tone for more declines towards the 0.8720 level. On the upside, resistances are near 0.8765, 0.8780 and 0.8800.