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2017.05.1705:30:00UTC+00Fxwirepro: Eur/gbp Fails to Hold Above 0.86 Handle, Finds Stiff Resistance at 0.8595

EUR/GBP edges lower from session highs at 0.8614 and is currently trading at 0.8566.
Pound edges higher after drop in UK ILO unemployment rate which was better than forecasts for an unchanged reading.
The major finds stiff resistance at 0.8595 (converged trendline and 200-DMA).
We see upside only on decisive break above. Momentum indicators on weekly charts are biased higher.
Weekly cloud top at 0.8635 is next major resistance above 0.8595. Scope then for test of 0.87 levels.
Near-term reversal in trend likely on close below 50-DMA at 0.8539.

Support levels - 0.8516 (23.6% Fib), 0.8513 (5-DMA), 0.85, 0.8460 (20-DMA)

Resistance levels - 0.8595 (converged trendline and 200-DMA), 0.86, 0.7651 (38.2% Fib)

Recommendation: Watch out for break above 200-DMA to go long.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 71.0653 (Neutral), while Hourly GBP Spot Index was at 60.3765 (Neutral) at 0920 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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