EUR/GBP Forecast 

Economic Outlook 

The EUR/GBP pair rose for the second consecutive day on Tuesday, amid a dearth of economic data from the Eurozone and the UK.

Investors are also awaiting the Bank of England's monetary policy decision later this week, with markets widely expecting interest rates to remain unchanged at 3.75%.

Recent inflation data reinforced these expectations, showing that annual consumer price growth slowed to a 15-month low of 2.6% in June, below the Bank of England's forecast.

Technical Outlook 

The pair rose today, attempting to reach the 0.8610/30 resistance level. From there, we can begin selling the pair to target the completion of the Bat harmonic pattern at 0.8300 as the final target, preceded by targets near 0.8460.

This scenario would be invalidated if the pair breaks below the downtrend line on the daily timeframe.