FxWirePro: EUR/GBP cloud breakout reinforces upside in the pair, 50% Fib at 0.9085 in sight

EUR/GBP chart - Trading View 

EUR/GBP has slipped lower from session highs at 0.90 and was trading at 0.8977 at around 08:50 GMT.

The pair has shown a break above daily cloud, raising scope for further upside.

Analysis of the GMMA indicator shows major trend is turning bullish, while minor trend is strongly bullish.

Retrace from multi-year high at 0.9499 has held support at 200-DMA and the pair is extending upside in a 'Cup and Saucer' patter.

MACD and ADX support upside in the pair and oscillators show momentum is with the bulls. RSI is above 60 with room to run further. 

Bollinger Bands are widening on the daily charts, price action is above major moving averages and rising volatility could take the pair higher

Major Support Levels: 0.8947 (5-DMA), 0.8841 (21-EMA), 0.8789 (55-EMA)

Major Resistance Levels:  0.8987 (38.2% Fib), 0.9085 (50% Fib), 0.9159 (Upper W BB)

Summary: EUR/GBP has ended consolidation along 200-DMA and has entered into a bull phase. Momentum with the bulls. Price action has broken above cloud top, jump till 50% Fib retracement at 0.9085 likely.