FxWirePro: Bullish RSI divergence on EUR/GBP hourly charts, good to go long on break above 0.85

• EUR/GBP fails to hold break below 200-DMA at 0.8467, has edged higher to currently trade at 0.8488.
   
• The single currency showed a sharp rebound yesterday after Francois Bayou pulled out of the French Presidential race, boosting Macro’s probability of beating anti-Euro Marine Le Pen.
   
• The 10-year Franco-German yield spread narrowed from 0.814 to 0.743 on Wednesday.
   
• We have seen a bullish RSI divergence on EUR/GBP hourly charts.
   
• Hourly 200-SMA at 0.85 is major resistance on the upside. Break above will see further upside.

Support levels - 0.84, 0.8467 (200-DMA), 0.8333 (Sept 6, 2016 low), 0.83 (Dec 5 low)

Resistance levels - 0.8490 (5-DMA), 0.85, 0.8527 (20-DMA), 0.8544 (50-DMA)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                 Neutral       
4H          Bullish                 Neutral       
1D          Neutral                 Neutral        
1W         Bearish                Neutral    

Recommendation: Good to go long on breakout above 0.85 handle, SL: 0.8460, TP: 85.40/ 85.65 
   
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -55.1046(Bearish), while Hourly GBP Spot Index was at -9.73236 (Neutral) at 0615 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.