Stay above the 0.8964 now....
The EURGBP moved above the 200 hour MA (green line at 0.8935) trend line resistance (at 0.8938) and then the 0.8964 level.
That level (0.8964) was a swing low from Oct 12th. On ECB Thursday last week, the price spike above that level but quickly reversed. On Tuesday this week there was another move above but that rally stalled at the 38.2% retracement at 0.8979 and reversed back lower (see chart above). Yesterday, the high price stalled at the 0.8964 level and moved back lower.
So for me, the break means something today. Stay above 0.8964 will be my risk level now for the pair. Stay above and a subsequent move above the 0.8979 will have buyers looking toward 0.9000-0.9010 level (50%).
A move back below the 0.8964 and the buyers are disappointed, the waters may get more muddy again, and we could see a wander back toward the trend line/200 hour MA as a possibility.
It is time for the buyers to take more control.