EUR/GBP is extending grind higher as it holds above 20-DMA support.
Technical indicators are biased higher, with RSI strong at 61 and Stochs biased higher.
Pound came under further selling pressure after UK data missed expectations for the month of May.
UK industrial and manufacturing production contracted 0.1% and 0.2%, respectively on a monthly basis.
UK trade deficit widened to £11.86 billion in May, while construction output also missed consensus, contracting at a monthly 1.2% during the same period.
Break above 0.8870 will see next bull target at 0.90 and then 0.9050. Bullish invalidation only below 200-DMA at 0.8631.
Support levels - 0.88, 0.8794 (20-DMA), 0.8631 (200-DMA)
Resistance levels - 0.8870 (channel top), 0.9024 (Nov 9 highs), 0.9058 (Oct 17 high)
Good to go long on breakout above 0.8870, SL: 0.88, TP: 0.89/ 0.90/ 0.9025/ 0.9050
Technical indicators are biased higher, with RSI strong at 61 and Stochs biased higher.
Pound came under further selling pressure after UK data missed expectations for the month of May.
UK industrial and manufacturing production contracted 0.1% and 0.2%, respectively on a monthly basis.
UK trade deficit widened to £11.86 billion in May, while construction output also missed consensus, contracting at a monthly 1.2% during the same period.
Break above 0.8870 will see next bull target at 0.90 and then 0.9050. Bullish invalidation only below 200-DMA at 0.8631.
Support levels - 0.88, 0.8794 (20-DMA), 0.8631 (200-DMA)
Resistance levels - 0.8870 (channel top), 0.9024 (Nov 9 highs), 0.9058 (Oct 17 high)
Good to go long on breakout above 0.8870, SL: 0.88, TP: 0.89/ 0.90/ 0.9025/ 0.9050
Comment:
EUR/GBP breaks channel top at 0.8870. Bias higher.
