GBP/EUR - Sterling rises to strongest level vs euro in almost two years

Taking a look at the GBP/EUR forex pair as sterling has risen to the strongest level against the euro in almost two years. Currently, the pound is trading at around £1.1753 versus the euro. Looking at the weekly chart, we can see that the pair is now trading just below the £1.1759 resistance after briefly moving above it earlier today. A break and close above this resistance would in theory be a bullish indication, and as a result, may see the price push higher. If that was to be the case, the next potential resistance level would be at £1.1834 and then at £1.1900. Looking at the downside risk, we can see the supportive trendline has been resilient since February of last year, providing support on a few occasions since then. The current trendline support reads £1.1615, but there is further support at the April low of £1.1567. The technical indicators suggest an attractive outlook for the near term. The MACD looks like it’s turning positive and the RSI has also turned positive as it reads 57.