EURGBP breaks higher...

Moves back above 100 hour MA.

The EURGBP is continuing the run higher.

It has just broken above the 100 hour MA at the 0.86374 level (the level held on the first test on the previous bar). The next target comes in at the 0.86524 level (the 50%. Also trend line resistance). The high from yesterday extended to 0.8668 (near the 61.8% level).

Yesterday, the pair broke above the 100 hour MA and stayed above (on a hourly closing basis). IN the London morning session, the MA line was broken and the price tumbled lower.

It is month end and position squaring can drive the action. The talk about DB has also helped the tone for the EUR. However, the last surge higher in the EURGBP is being helped more by a decline in the GBPUSD vs a rise in the EURUSD.