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FxWirePro: EUR/GBP spikes to fresh highs since Aug 2013, bias higher

  • EUR/GBP spikes highest level since August 2013
     
  • GBP amid intense selling pressure after UK Prime Minister Theresa May pledged to trigger Article 50 by the end of first quarter of 2017.
     
  • Upbeat UK manufacturing PMI restricted further upside, pair is consolidating the strong up-move.
     
  • Technicals are bullish and support further upside.
     
  • Next likely target for bulls - 0.8794 and then 0.8815 
     
  • We see weakness only below 20-DMA at 0.8555.

Recommendation: Good to go long on dips around 0.87, SL: 0.8640, TP: 0.8795/ 0.8815
 

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