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- EUR/GBP pauses upside at 0.8626, near 3-year highs of 0.8652 (Aug 28th).
- Our previous call (http://www.econotimes.com/FxWirePro-EUR-GBP-finds-major-resistance-at-08330-levels-break-above-to-target-084-227771) has achieved all targets.
- The pair has shown a decisive breakout above major resistance at 0.8330 on the weekly charts.
- Momentum studies are bullish, RSI, Stochs and MACD on the weekly charts support further upside in the pair.
- Rising expectations for Bank of England rate cut (by 25bp) at its August policy meeting adds to pressure on GBP. ECB Draghi's speech later toady will be closely followed for clues.
Recommendation: Book partial profits, raise stops to 0.8330, target 0.87/ 0.8770/ 0.88
