FxWirePro: EUR/GBP consolidates above daily cloud, outlook bullish

EUR/GBP chart - Trading View 

EUR/GBP is trading rangebound on the day with session high at 0.8971 and low at 0.8942.

The pair is consolidating break above daily cloud as 'Doji' in the previous session's candle dents upside.

Break above daily cloud has raised scope for further upside. Major and minor trend as evidenced by the GMMA indicator are 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.

Oscillators are at overbought with scope for rollover. However, MACD and ADX support upside in the pair.

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

The pair is holding support at 5-DMA. Jump till 50% Fib retracement at 0.9085 likely on upside resumption. 

Major Support Levels: 0.8945 (5-DMA), 0.8849 (21-EMA), 0.8794 (55-EMA)

Major Resistance Levels:  0.8987 (38.2% Fib), 0.9085 (50% Fib), 0.9154 (Upper W BB)