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The EUR/GBP pair rose during the session on Monday as the market closed just above the 0.8150 level. This isn't quite a breakout yet, but it certainly suggests that we are about to have one. Because of this, we are willing to go long of this market once we hit 0.8175 as it would show a shift higher in momentum.
The British pound looks relatively strong, but the Euro continues to get a bid and we believe that this movement has more to do with the Euro and less to do with the Pound. With that in mind, the Euro has been extraordinarily strong lately, and it does make sense this pair gets higher.