FxWirePro: EUR/GBP extends upside after upbeat German IFO business climate data, good to long dips

• The single currency buoyed after upbeat German IFO business climate index for the month of September. 
   
• German IFO business climate for September stood at 109.5, which was better than 106.3 expected and 106.2 recorded in August. 
   
• EUR/GBP extended Friday's strong momentum after German IFO business climate data. 
   
• The pair has broken major trendline resistance at 0.8635, we see scope for further upside.
   
• Next major resistance seen at 0.8725 (Aug 16 high) ahead of 0.88 (trendline resistance).
   
• Daily cloud offers major support on the downside, break below could see test of next major support at 0.85 (converged 50 & 20 DMAs).
   
• Violation there could see downside resume, could see weakness upto 0.8325 (trendline).
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Recommendation: Good to go long on dips around 0.8670, SL: 0.8640, TP: 0.8724/ 0.88