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FxWirePro: EUR/GBP extends bounce off cloud base support, eyes 21-EMA

EUR/GBP chart - Trading View 

Spot Analysis:

EUR/GBP was trading 0.26% higher on the day at 0.8615 at around 09:25 GMT

Previous Day's High/ Low: 0.8617/ 0.8583

Previous Week's High/ Low: 0.8709/ 0.8623

Fundamental Overview:

Hopes of upbeat ECB minutes for the April meeting keep the single currency buoyed, supporting the pair higher. 

On the other side, the British pound remained well supported by the optimistic outlook for UK's economic recovery from the pandemic.

Technical Analysis:

- EUR/GBP has bounced off cloud base support

- Price action has broken above 5-DMA

- RSI is biased higher and Stochs are on verge of rollover from oversold levels

Major Support and Resistance Levels:

Support - 0.86, 0.8591 (5-DMA), 0.8564 (Lower BB)

Resistance - 0.8628 (200H MA), 0.8634 (21-EMA), 0.8654 (55-EMA)

Summary: EUR/GBP finds strong resistance at 21-EMA at 0.8634. Decisive break above could see more upside. On the flipside, breach below daily cloud will negate any upside bias.

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