FxWirePro: EUR/GBP gains as dust settles on reassuring UK factory data

• The euro surged, hovering towards a 1-week peak recorded last week against the British pound.
  
• On Friday, the British pound rallied after UK factories reported the fastest rise in output for 10 months in February.
  
• The expansion of Britain's services sector slowed slightly this month, but this was cancelled out by an unexpected upturn in manufacturing.
  
• EUR/GBP is trading 0.2 percent up at 0.8383, having hit a high 0.8415 on Thursday, its highest since February 13.
  
• The pair continues to face major resistance at 20-EMA.
  
• Momentum indicators are turning bullish on hourly charts: RSI strong at 61, MACD supports upside and Stochs are bullish.
  
• Immediate resistance is located at 0.8399 (20-EMA), a break above could take it near 0.8411 (21-DMA).
  
• On the downside, support is seen at 0.8335, a break below could drag it till 0.8320.

Recommendation: Good to buy on dips around 0.8353, with stop loss of 0.8335 and target price of 0.8399.