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FxWirePro: EUR/GBP consolidates above 200-DMA, scope for further recovery

EUR/GBP chart - Trading View 

EUR/GBP shows signs of further recovery. The pair has held above 0.88 handle and was trading 0.23% higher at 0.8838 at 11:20 GMT.

The pound is under pressure after reports mentioned United Kingdom Prime Minister Boris Johnson has been taken to intensive care. 

Technical indicators for the pair are turning slightly bullish. RSI has turned north and stochastics are at oversold with scope for rollover.

Price action has bounced off 200-DMA support and has retraced above 5-DMA. Major trend in the pair is neutral and minor trend is turning bullish.

Price action eyes 200H MA at 0.8886, break above confirms near-term bullishness. Retrace below 200-DMA will see resumption of weakness. 

Immediate support lies at 200-DMA at 0.8751 ahead of 110-EMA at 0.8701 and then 50-DMA at 0.8693.

Break above 200H MA (0.8886) raises scope for test of 23.6% Fib at 0.8918 and then 38.2% Fib at 0.9029.

Support levels - 0.8751 (200-DMA), 0.8701 (110-EMA), 0.8693 (50-DMA)

Resistance levels - 0.8886 (200H MA), 0.8918 (23.6% Fib), 0.9029 (38.2% Fib)

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