Pair has hit highs of 0.7703 and is currently trading at 0.7691, eyes 100-DMA at 0.7792.
UK manufacturing PMI is due later today and markets expect uptick higher to 49.9 from a sharp drop seen in April to 49.2 points.
Any miss on the data could weigh heavily on the pound raising the scope for upside in EUR/GBP .
Break below 0.7570 could see sharp fall to 0.7425 levels.
Technicals support upside in the pair, weakness only below 0.7570.
Pair now finds immediate at 0.7656 (10-DMA) and 0.7716 (Feb 5th highs).
Go long on breakout above 0.77, SL: 0.7655, TP: 0.7750/0.7790
Pair finds major resistance at 0.7927. Expect some consolidation at current levels.
Break above 0.7927 to resume upside.