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Add as a preferred source on Google FxWirePro: EUR/GBP finds major resistance at 0.8330 levels, break above to target 0.84 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 pois…
By FxWire Pro Jun 27, 2016, 9:54 AM UTC
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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
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