EUR/GBP breached key resistance level

FX:EURGBP   Euro / British Pound
The EUR/GBP currency pair on the 4-hour time frame has been following an uptrend recently. The price registered the highest level of period under study at 0.87364 on 15 May. The currency pair broke key resistance level of 0.86827 with strong momentum on 15 May. The price action in the EUR/GBP is mainly driven by the weakness in the Pound Sterling .
The 4-hour chart of the EUR/GBP confirms the positive sentiment in the price movement as the currency pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the EUR/GBP . RSI ( Relative Strength Index ) showing values above 50 which supports the bullish sentiment.
In alternative scenario, key support level lies at 0.84893. Bears must break this level in order to regain bearish sentiment in the market.
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