EURGBP Breaks Above 0.8700 on Euro Surge: Bullish Momentum Builds Toward 0.8800+?

EURGBP gained above 0.8700 on board-based Euro buying. As long as support 0.8640 holds, intraday bias is bullish. Currently trading at 0.87101, it reached an intraday high of 0.87099.

Technical Analysis

The pair is currently trading above  55 and 200- EMA and 365-EMA on the 4-hour chart.

Bearish Trend Confirmation: Any break below 0.8660 confirms an intraday bearish trend. A drop to 0.8600/0.8540 is likely.

Near-Term Resistance:  The near -term resistance is around 0.8725. Any violation above will take the pair to 0.8750/ 0.8780/0.8825/0.8865/0.8900/0.8950.

Indicator Analysis (4-hour chart)

CCI (50): Bullish

Average Directional Movement Index:  Bullish

Trading Recommendation

It is good to buy on dips around 0.8678-80 with SL around 0.8630 for a TP of 0.8780/0.8800.