EUR/GBP chart - Trading View
EUR/GBP was trading largely muted at 0.8505 at around 10:30 GMT, after closing 0.17% higher in the previous session.
The pair has been capped at stiff resistance at 55-EMA, decisive break above to fuel further gains.
Momentum is bullish. Stochs and RSI are sharply higher and volatility is high. Break above 55-EMA will see further gains in the pair.
5-DMA is biased higher. MACD confirms bullish crossover on signal line and Chikou span is biased higher.
Focus now on this week's Bank of England (BoE) monetary policy meeting for further direction.
Swaps pricing points to a modest rate hike, but a falling currency suggests a risk of disappointment.
Support levels - 0.8480 (5-DMA), 0.8460 (20-DMA)
Resistance levels - 0.8519 (Upper BB), 0.8544 (110-EMA)
Summary: EUR/GBP trades with a bullish technical bias. Watch for decisive break above 55-EMA for further upside.
