FxWirePro: EUR/GBP hovers near 0.87 handle, bias higher, stay long

• EUR/GBP breaks consolidation, edges higher to hit fresh 2-month highs near 0.87 handle.
   
• The downward revision to second estimate of UK GDP for Q1 2017 weighs on the pound.
   
• Momentum indicators on weekly charts are biased higher. Near-term reversal in trend likely on close below 200-DMA at 0.8595.
   
• The pair has broken above weekly 50-SMA at 0.8534 and is showing break of Triangle top.
   
• Next bull target lies at 0.8735 (March 29 high) ahead of 0.8761 (50% Fib retrace of 0.9225 to 0.8297 fall).

Support levels - 0.8654 (5-DMA), 0.8595 (200-DMA), 0.8516 (23.6% Fib of 0.92253 to 0.82970 fall), 0.8531 (20-DMA)

Resistance levels - 0.87, 0.8735 (Mar 29 high), 0.87861 (50% Fib of 0.92253 to 0.82970 fall)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-GBP-breaks-200-DMA-at-08595-good-to-go-long-on-dips-714647) has hit TP1 & 2.

Recommendation: Book partial profits at highs. Raise trailing stops to 0.8595. Bias higher, stay long.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -96.1455 (Bullish), while Hourly GBP Spot Index was at -116.746 (Bearish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.