EURGBP started May’s session on the right foot, swiftly reversing up after touching the support trendline taken from the March lows. On Wednesday, the pair reached a high of 0.8616, but it quickly lost most of its gains and closed below the 200-day SMA around 0.8600. The RSI indicates more bullish potential as the price continues to rise, but the stochastic oscillator suggests limited room for improvement. A step above the 200-day SMA could extend towards the 50% Fibonacci retracement of the November-February downtrend at 0.8630 and the descending trendline drawn from February. Further gains could potentially reach ... (full story)