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FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- EUR/GBP was trading 0.02% lower on the day at 0.8646 at around 09:30 GMT.

- The pair has formed a Doji at highs denting further upside in the pair

- Momentum is strongly bullish, Stochs and RSI are sharply higher

- Volatility is high and rising as evidenced by wide Bollinger bands

- GMMA indicator shows major trend is neutral, while minor trend is bullish

Support levels:

S1: 0.8580 (5-DMA)

S2: 0.8569 (110-week EMA)

Resistance levels:

R1: 0.8699 (200-week MA)

R2: 0.8721 (Yearly high)

Summary: EUR/GBP trades with a bullish bias, but overbought oscillators and Doji at highs dents upside. Major trend is bullish, pullbacks are likely to be shallow. 
 

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