EURGBP probe above daily cloud base generates bullish signal
|EURGBP
Bounce from 0.8453 (14 Feb low/200SMA) extends into the fourth day and probed above strong barrier at 0.8575 (daily Ichimoku cloud base, also near Fibo 61.8% of 0.8642/0.8453 downleg) on today's fresh extension higher.
Spike to 0.8590 (fresh two-weeks high) was so far short-lived and failing to break barriers on first attempt.
However, near-term studies are bullish and outlook of daily technicals improving that supports for renewed attempts higher.
Close above Fibo 61.8% barrier and sustain break into the cloud is needed to confirm reversal from 0.8543 and signal further upside action.
Next barrier lies at 0.8597 (Fibo 76.4%) ahead of more significant 0.8642 (06 Feb high/100SMA) and 0.8651/62 (daily Kijun-sen/cloud top) that mark next pivots.
End of the week profit-taking may further delay bulls and signal extended consolidation before fresh attempts higher. Broken daily Tenkan-sen (0.8545) offers solid support that should keep the downside protected.
Res: 0.8575; 0.8597; 0.8642; 0.8662
Sup: 0.8550; 0.8520; 0.8485; 0.8457
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