EUR/GBP technical analysis: Bulls remain in full control, now seems poised to challenge 200-DMA

   •  The EUR/GBP cross continued scaling higher for the tenth consecutive session and is currently placed at near two-month tops, just a few pips below mid-0.8700s.

   •  Renewed concerns over a no-deal Brexit continued taking its toll on the British Pound and had been one of the key factors fueling the ongoing positive momentum.

A sustained move beyond the 0.8675 supply zone and a subsequent acceptance above the 0.8700 handle - marking 38.2% Fibonacci retracement level of the 0.9119-0.8471 downfall, was seen as a key trigger for bullish traders and a follow-through up-move.

Technical indicators on the daily chart hold in the positive territory and support prospects for an extension of the bullish trajectory towards the 0.8785-90 confluence resistance - comprising of 50% Fibo. level and the very important 200-day SMA.

However, oscillators on the 4-hourly chart are already pointing to highly overbought conditions and hence, bulls are likely to take a breather near the mentioned barrier, rather opt to take some profit off the table after a strong rally of around 250-pips over the past two weeks.

EUR/GBP daily chart