FxWirePro: EUR/GBP holds above 5-DMA, 'Golden Cross' formation keeps scope for upside

Refer EUR/GBP chart on Trading View

• EUR/GBP is trading 0.10% lower on the day at 0.8957 at the time of writing.
   
• Price action is above daily cloud and major moving averages, bias still higher.
   
• We evidence a "Golden Cross" formation on the daily charts which keeps scope for upside.
   
• The pair is holding above 5-DMA support at 0.8945, break below could see minor weakness.
   
• Break below 5-DMA could see weakness till 21-EMA which is major support at 0.8926. Violation at 21-EMA could see major weakness.  
   
• We see scope for test of 0.9030 (Aug 9th high) ahead of Wedge top at 0.9040.

Support levels - 0.8944 (5-DMA), 0.8926 (21-EMA)

Resistance levels - 0.9030 (Aug 9th high), 0.9040 (Wedge top)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR spot Index was at -32.9275 (Neutral), while Hourly GBP Spot Index was at 27.0931 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.