Chart - Courtesy Trading View
Technical Analysis:
- EUR/GBP was trading 0.50% higher on the day at 0.8762 at around 10:05 GMT
- The pair is spiking higher for the second straight session, outlook is bullish
- Price action has broken above 200-week MA, raising scope for further gains
- Momentum is bullish, stochs and RSI are in highly overbought zone
- Volatility is high and rising as evidenced by widening Bollinger bands
- GMMA indicator shows major and minor trend are strongly bullish
Support levels - 0.8689 (5-DMA), 0.8666 (200H MA)
Resistance levels - 0.8795 (Upper BB), 0.8852 (Feb 2021 high)
Summary: EUR/GBP close above 200-week MA will open upside for the pair. Feb 2021 highs at 0.8852 in sight.
