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Chart - Courtesy Trading View
Technical Analysis:
- EUR/GBP was trading 0.39% higher on the day at 0.8426 at around 10:05 GMT
- The pair has retraced previous session's losses and has edged above 21-EMA
- Price action has been capped at 200-week MA which is major resistance at 0.8698
- MACD and ADX support upside in the pair, momentum is bullish
- Price action is above the daily cloud and Chikou span is biased higher
Support levels:
S1: 0.8664 (5-DMA)
S2: 0.8594 (21-EMA)
Resistance levels:
R1: 0.8698 (200-week MA)
R2: 0.8767 (Upper BB)
Summary: EUR/GBP has snapped downside and is poised to resume upside. Major trend in the pair is bullish. Watch out for decisive break above 200-week MA for upside continuation.
