FxWirePro: EUR/GBP breaks trendline resistance, hits new yearly highs at 0.7787, good to buy dips

EUR/GBP broke strong trendline resistance at 0.77 on Monday's trade and edged higher to hit new yearly highs at 0.7787.

• The pair has pared some gains and has edged lower to currently trade at 0.7776, bias remains higher.
   
• We see weakness for the pair only on breaks below 0.77 (5-DMA) which is initial support and then 0.7648 (10-DMA).
   
• MACD indicates further momentum in the pair, 0.7830 (double top Jan 12th and 13th, 2015) is next likely target for bulls.

Recommendation: Good to go long on dips around 0.7760, SL: 0.77, TP: 0.7830