EUR/GBP Technical Analysis: Cautiously bullish, move beyond 200-hour SMA awaited

   •  After Friday's sharp intraday pull-back, the cross regained positive traction on the first trading day of the week and is now looking to extend the momentum beyond 200-hour SMA.

   •  The fact that the cross managed to find acceptance above 100-hour SMA and 50% Fibo. level of the 0.8655-0.8471 slide turned out to be a key trigger for intraday bullish traders. 

   •  Bullish oscillators on the 1-hourly chart remained supportive of the up-move but are gradually moving into slightly overbought territory and might keep a lid on further gains.

   •  Moreover, technical indicators on the daily chart are yet to catch up with the positive momentum and further warrant caution before placing any aggressive near-term bullish bets.

   •  Hence, it would be prudent to wait for a sustained strength beyond 61.8% Fibo. level for a follow-through move beyond the 0.8600 handle towards testing the 0.8630-35 supply zone. 

EUR/GBP 1-hourly chart