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FxWirePro: EUR/GBP finds major resistance at 0.8620, good to go long on break above

EUR/GBP finds major resistance at 0.8620, break above to see further gains. Intraday bias for the pair is higher, momentum studies are bullish, RSI at 61 with scope for further upside. The single currency stages a solid …

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FxWirePro: EUR/GBP finds major resistance at 0.8620, good to go long on break above
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  • EUR/GBP finds major resistance at 0.8620, break above to see further gains.
     
  • Intraday bias for the pair is higher, momentum studies are bullish, RSI at 61 with scope for further upside.
     
  • The single currency stages a solid comeback ahead of ECB Draghi.
     
  • Markets now await the BOE FPC statement ahead of BOE Carney’s speech for further momentum on the GBP.
     
  • Besides, Friday’s flash manufacturing PMI reports from across the Euro area will be also closely eyed.
     
  • Major support levels - 0.8540 (cloud top), 0.8528 (10-DMA), 0.8489 (50-DMA)
     
  • Major resistance levels - 0.86, 0.8620 (trendline), 0.8631 (Sept 20 high), 0.8692 (Aug 19 high)
    ​

Recommendation: Good to go long on breakout above 0.8620, SL: 0.8540, TP: 0.87/ 0.8720
 

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