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The EUR/GBP pair rose during the session on Wednesday as the 0.81 handle was taken by the bulls. Looking at the recent action, we have formed a massive ascending triangle, which measures about 300 pips. Because of this, our opinion of this market has changed significantly. If we do manage to get above the 0.8150 level, we think this market goes much higher.
This could be due to the sudden resurgence of the Euro, which of course is enjoying the benefits of a suspected Spanish bailout. If we see some type of resistant candle, we may go ahead and ignore it as this uptrend has been so relentless.