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FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- EUR/GBP was trading 0.58% higher on the day at 0.8532 at around 11:45 GMT

- The pair has brushed aside previous session's spinning top formation to resume upside

- Price action is hovering around 50-DMA and cloud top resistance, break above will fuel further gains

- Momentum is with the bulls, Stochs show bullish rollover from oversold levels and RSI is above the 50 mark

- MACD is on verge of bullish crossover on signal line, GMMA has turned bullish on the intraday  charts

Support levels - 0.8509 (55-EMA), 0.8468 (200H MA), 0.8439 (200-DMA)

Resistance levels - 0.8540 (20-DMA), 0.8580 (110-week EMA), 0.8650 (Upper W BB)

Summary: EUR/GBP pivotal at 50-DMA and cloud top resistance. Watch out for decisive break above for upside continuation. Bullish invalidation only below 200-DMA. 
 

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