EUR/GBP Outlook

RBC notes:

The pair remains well supported at the 0.70-sh area, as it formed a weekly piercing pattern, negating a bearish opening gap last week and closing above the 50% of the previous candle's body. This is a typical bullish reversal pattern, which, being formed on a weekly chart, indicates a major bullish reversal to occur in the coming weeks. 

For now however near-term weakness should be expected, which would be in the form of 0.7000 - 0.7160 range consolidation for a week or so. After that, I would expect the pair to form a base and rally to 0.7400 and above. 

A sustained break below 0.6980 cancels the view and makes the pair bearish again.

SUP: 0.6951 0.6835 0.6702
RES: 0.7105 0.7231 0.7355