Last week EURGBP was the top euro cross gainer after it rose more than 1.80%. As protracted buying triggered a break of 100MA. Overnight the euro cross settles above 100MA confirming sustained upside sentiment.
On the upside, despite recent 2.00% rally, we focus on the parallel resistance zone 0.8940-0.8970. A break above the higher end of the resistance zone may pave the way for further higher to 0.9000 and 0.9030.
The flip side, support finds at 0.8860, 0.8820 and 0.8770. We recommend caution if the price could not push-and hold -above 0.8940 over the next day or two. Traders may need to focus on UK politics before chasing a move in EURGBP.
Besides a weekly close above 0.8970 needed to forecast 0.9100/0.9140, moreover, the pickup of the weekly RSI and oscillator underlines the threat of further upside risk.
On the upside, despite recent 2.00% rally, we focus on the parallel resistance zone 0.8940-0.8970. A break above the higher end of the resistance zone may pave the way for further higher to 0.9000 and 0.9030.
The flip side, support finds at 0.8860, 0.8820 and 0.8770. We recommend caution if the price could not push-and hold -above 0.8940 over the next day or two. Traders may need to focus on UK politics before chasing a move in EURGBP.
Besides a weekly close above 0.8970 needed to forecast 0.9100/0.9140, moreover, the pickup of the weekly RSI and oscillator underlines the threat of further upside risk.