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FxWirePro: EUR/GBP extends previous session's spike, retakes 0.87 handle, further upside on charts

EUR/GBP chart - Trading View 

EUR/GBP was trading 0.40% higher on the day at 0.8709 at around 05:55 GMT.

The pair is extending previous session's spike and technical bias is turning bullish, scope for further upside.

Hammer formation at lows on Thursday's candle has signalled a bullish reversal in price action.

Price has edged above 5-DMA and 5-DMA has turned north. The pair has shown a decisive break above 200H MA. 

Stochs and RSI are on verge of bullish rollover from highly oversold levels. GMMA indicator shows bullish reversal on the intraday charts.

Support levels - 0.8656 (200H MA), 0.8647 (5-DMA), 0.8560 (76.8% Fib), 0.8463 (110 month EMA)

Resistance levels - 0.8724 (21-EMA), 0.8802 (38.2% Fib), 0.8831 (55-EMA)

Summary: EUR/GBP shows signs of reversal. Break above 200H MA has raised scope for further upside. Hammer at lows adds to the bullish bias. 21-EMA is immediate resistance at 0.8724, break above will see test of 0.88 levels.
 

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