FxWirePro: EUR/GBP edges lower from strong trendline resistance at 0.7380, good to sell rallies

EUR/GBP has bounced back from strong trendline resistance at 0.7380 in Monday's trade.

• 5, 10 & 20 DMAs trend north, Stochs on 4-hourly charts has rolled-over from overbought zone with a bearish crossover
   
• Demand for Euro hit as higher Asian equities and modest recovery in the commodities space keep the market sentiment lifted
   
• No major economic drivers ahead until the NY session, markets will track the sentiment across global equities for cues
   
• 5-DMA at 0.7358 is strong support on the downside, while immediate resistance is seen at 0.7380 (Session high Dec 28) and further ahead at 0.7385 (rising trendline)

Recommendation: Sell EUR/GBP rallies around 0.7370. SL: 0.7420, TP1: 0.73, TP2: 0.7280