- Persistent weakness around the British pound pushing EUR/GBP higher.
- The pair finds stiff resistance at 0.8330 levels (converging trendlines). Break above could see gains upto 0.84 and higher.
- The single currency is poised to remains under heavy pressure as market turmoil is expected to gather pace.
- Techs on weekly charts are heavily bullish, Stoch RSI and MACD show scope for further upside.
- Supports are seen at 0.8181 (upper Bolliger Band on weekly), 0.8176 (session low) and then 0.81.
- On the upside resistance is located at 0.8330 ((converging trendlines), 0.84 and 0.8440 (high for the week ending Dec 9th).
Recommendation: Good to go long on break above 0.8330, SL: 0.8180, TP: 0.84/ 0.8470/ 0.8585
The material has been provided by InstaForex Company – www.instaforex.com