FxWirePro: EUR/GBP pauses upside at daily cloud, overbought pressures weigh

EUR/GBP chart - Trading View 

EUR/GBP was trading 0.39% lower on the day at 0.9023 at around 10:35 GMT, slipping lower from 5-week highs at 0.9084 hit on Wednesday's trade.

The pair has paused upside at daily cloud which is offering stiff resistance at 0.9078. Decisive break above will fuel further gains. 

Price action has shown a bounce off 'Wedge Base' support and holds above weekly cloud. A 'Golden Cross' formation on the weekly charts supports upside.

The pair has extended retrace above 200-DMA and breakout at daily cloud will buoy prices higher.

The single currency remains buoyed across the board amid vaccine optimism and upbeat eurozone data.

EUR/GBP is on track for further gains. Overbought oscillators may cause some weakness. Pullbacks are likely to be limited. 

The pair is on track for further gains. Breakout above cloud will take the pair higher to test Wedge Top at 0.92.

Major trend is still bearish. Failure to hold above 200-DMA will negate any further upside.