EUR/GBP extends gains above 0.79 handle after breaking major resistance at 0.7880.
Risk-off in Asia post below estimates Chinese data has been supportive of the single currency, pushing the cross to flirt with fresh multi-week tops in the vicinity of 0.7949.
'Brexit' worries might continue capping any sharp upside for the Pound, thus limiting near-term downside for EUR/GBP.
The pair is on track to test major resistance at 0.7949, break above will see gains upto 0.80 levels.
61.8% Fib at 0.7906 is now major support on the downside, we see resumption of weakness only on break below 0.7875 (trendline resistance turned support).
Technicals are supportive of upside in the pair, Stochs RSI and MACD are biased higher, Bollinger Bands are widening.
Good to buy dips around 0.7930 levels, SL: 0.7875, TP: 0.7990/ 0.80/ 0.8025
Risk-off in Asia post below estimates Chinese data has been supportive of the single currency, pushing the cross to flirt with fresh multi-week tops in the vicinity of 0.7949.
'Brexit' worries might continue capping any sharp upside for the Pound, thus limiting near-term downside for EUR/GBP.
The pair is on track to test major resistance at 0.7949, break above will see gains upto 0.80 levels.
61.8% Fib at 0.7906 is now major support on the downside, we see resumption of weakness only on break below 0.7875 (trendline resistance turned support).
Technicals are supportive of upside in the pair, Stochs RSI and MACD are biased higher, Bollinger Bands are widening.
Good to buy dips around 0.7930 levels, SL: 0.7875, TP: 0.7990/ 0.80/ 0.8025