EUR/GBP 0.31% edges higher for the 4th successive session, tests 21-EMA ar 0.8814, breakout to see further upside.
Indicators on intraday charts have turned bullish . We see scope for test of 200-DMA 0.00% at 0.8846.
Violation at 200-DMA 0.00% will take the pair higher. While on the downside, break below trendline at 0.8785 will see resumption of downside.
Markets focus on EZ GDP, German CPI -0.12% data due later today for further impetus.
Analysts are forecasting 0.6% EU GDP growth over the previous quarter and a 2.6% increase over the same period last year.
Consensus forecast for German CPI -0.12% calls for a 1.6% increase over the previous annual period.
Support levels - 0.88, 0.8772 (5-DMA), 0.8682 (61.8% Fib retrace of 0.8297 to 0.9306 rally)
Resistance levels - 0.8814 (21-EMA), 0.8826 (20-DMA), 0.8846 ( 200-DMA 0.00% )
Good to go long on breakout above 21-EMA, SL: 0.8770, TP: 0.8845/ 0.89/ 0.8920
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