- EUR/GBP is extending consolidation above daily Ichimoku cloud, bias higher.
- The pair is trading 0.21% lower on the day, finds strong support at daily cloud. We see weakness only on retrace below.
- Technical indicators are biased higher. Price is above major EMAs and Bollinger Bands are widening.
- Price is hovering around 5-DMA support at 0.8820, and on the upside finds immediate resistance at major trendline at 0.8860.
- Breakout at trendline targets 200-DMA at 0.8877. Violation at 200-DMA likely to see further upside.
- On the flipside, break below daily cloud likely to see test of 50-DMA at 0.8781.
Support levels - 0.88 (110-EMA), 0.8781 (50-DMA), 0.8770 (21-EMA)
Resistance levels - 0.8860 (major trendline), 0.8877 (200-DMA), 0.89
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