FxWirePro: EUR/GBP bounces off 78.6% Fib support, break above 5-DMA to see minor upside

EUR/GBP chart on Trading View used for analysis

• EUR/GBP has bounced off 78.6% Fib support and is trading 0.29% higher in the day at 0.8756 at the time of writing.
   
• 5-DMA is immediate resistance on the upside and close above could see minor upside.
   
• Major trend in the pair still remains bearish and break below 78.6% Fib will see drag lower.
   
• Next major support below 78.6% Fib lies at 88.6% Fib at 0.8675. 
   
• While on the flipside, close above 5-DMA could see upside till 61.8% Fib at 0.88 level.

Support levels - 0.8722 (78.6% Fib), 0.87, 0.8675 (88.6% Fib)

Resistance levels - 0.8757 (5-DMA), 0.8803 (61.8% Fib), 0.8835 (200-DMA) 

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-GBP-breaks-below-200-DMA-eyes-786-Fib-at-08723-good-to-go-short-on-upticks-1440294) has hit TP1.

Recommendation: Watch out for close above 5-DMA for further upside.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.