As for the rationale, technical traders seem to be citing the appearance of channel and wedge technical patterns.
The closest is the 200 day average, which is 53.7 pips away.
The closest is the 200 day average, which is 49.9 pips away.
This imputes a buy/sell ratio of 4.67, which is bullish.
Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on eurgbp.
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
For additional context, note that price has gone up 5 out of the past 10 days.