EUR/GBP Technical Analysis: Bulls likely to target mid-0.8700s on a sustained move beyond 100-hour SMA

   •  The cross built on the overnight bounce from over three-week lows and traded with a positive bias for the third consecutive session on Thursday.

   •  A sustained move beyond a short-term descending trend-line, extending from last Thursday, was seen as a key trigger for intraday bullish traders.

   •  The positive momentum remained supported by bullish technical indicators on the 1-hourly chart and has now lifted the cross to 100-hour SMA.

   •  A follow-through buying has the potential to lift the cross further towards its next hurdle near the 0.8740-50 region, coinciding with 200-hour SMA.

   •  Meanwhile, oscillators on 4-hourly/daily charts are yet to catch up with the momentum and might turn out to be the only factor capping the up-move.

EUR/GBP 1-hourly chart