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EUR/GBP chart on Trading View used for analysis
- EUR/GBP struggles at daily cloud top resistance, break above to see further upside.
- The pair has been rejected at session highs, trades 0.13% lower on the day at 0.8882 at the time of writing.
- Momentum studies are bullish. RSI is above 50 and MACD is showing a bullish crossover on signal line.
- We also evidence a bullish divergence on RSI and Stochs which raises scope for further gains.
- Break above cloud targets 61.8% Fib at 0.8929 ahead of 0.8939 (Oct 30 high) and 0.90 (78.6% Fib).
- On the flip side, retrace below 200-DMA negates bullish bias.
Support levels - 0.8877 (50% Fib), 0.8833 (200-DMA), 0.8808 (5-DMA)
Resistance levels - 0.8929 (61.8% Fib), 0.8939 (Oct 30 high) and 0.90 (78.6% Fib)
Recommendation: Stay long on break above daily cloud, SL: 0.8870, TP: 0.8930/ 0.90
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
