FxWirePro: EUR/GBP holds above 200-DMA, good to go long on breakout at 0.8910

• EUR/GBP is trading in a narrow range, with a day's high at 0.8877 and a low at 0.8864.
   
• The pair is holding break above 200-DMA which was major resistance at 0.8857.
   
• Price action has also edged above daily cloud which is now strong support at 0.8856 levels.
   
• The pair is trading in a symmetric triangle pattern and finds stiff resistance at 0.8910 (triangle top).
   
• Technical studies support upside in the pair. RSI and Stochs are biased higher with +ve DMI dominance.
   
• Breakout at 0.8910 could see upside till 0.90 levels. On the flipside, retrace below 0.8855 levels negates bullish bias.

Support levels - 0.8857 (converged cloud and 200-DMA), 0.8837 (5-DMA), 0.8716 (Feb 1 low)

Resistance levels - 0.89, 0.8910 (trendline), 0.8923 (38.2% Fib retrace of 0.9306 to 0.8686 fall)

Recommendation: Good to go long on breakout at 0.8910, SL: 0.8855, TP: 0.8930/ 0.8980/ 0.9015

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