Euro-pound reaches 30-month highsEuro/British PoundFX:EURGBPMichael_Stark_ExnessEURGBP’s uptrend has continued in November so far with the price reaching 88.4p on 13 November, its highest since April 2023. Sentiment on the pound has been weaker recently amid political instability: taxes are likely to rise on 26 November, which would be unpopular and breach the government’s promises in its manifesto, and speculation of a leadership challenge against the prime minister has risen sharply since 10 November. However, the balance of economic data is slightly negative for both the eurozone and Britain, and it’d be very unlikely to see significantly less divergence in monetary policy before spring 2026. The overall uptrend appeared to lose momentum over the summer but this has returned within the last fortnight or so despite volume remaining low. 90p is an obvious potential resistance in the medium term but before that the price would need to break February 2023’s high around 89p. Ongoing momentum upward probably depends on volume increasing; if it doesn’t, the price might be more likely to find a range or possibly retrace lower. The current overbought situation based on Bollinger Bands might suggest a move lower before any possible new high. All of the moving averages, 20, 50, 100 and 200, are possible dynamic supports but in the context of seemingly limited demand for selling the value area between the 20 and 50 SMAs is in particular focus. 87.5p might be the source of a new upward wave if the price does move down but this depends very much on the reaction to British inflation on 19 November. This is my personal opinion, not the opinion of Exness. This is not a recommendation to trade.