EUR/GBP extends upside, breaks minor resistance at 0.7874 (Jan 6th 2015 highs).
- Momentum is with the bulls, next immediate resistance is seen at 0.7897 (Feb 11th highs) and then 0.7930 (rising trendline).
- Stcohs and RSI are biased higher, we see scope for tests of 0.80 levels (Tripple top 16 Dec and 16th Nov, 17th June 2014).
- On the downside, immediate support is seen at 0.7800 (5-DMA), breaks below could drag the pair to 0.7745 (wedge base).
Recommendation: Good to long dips around 0.7875, SL: 0.78, TP: 0.79/0.7930/0.80
