FxWirePro: EUR/GBP snaps two consecutive sessions of gains, EU Summit in focus

• Pick up in the demand for the British pound seen in the Asian session today, EUR/GBP snapped two consecutive sessions of gains.
   
• The pair faded yesterday’s spike to fresh highs above 0.8379, slipped lower to currently trade around 0.8320 levels.
   
• The pair finds stiff resistance at 0.8330 levels (converging trendlines). Decisive break above could see further upside.
   
• Techs on weekly charts are heavily bullish, Stoch RSI and MACD show scope for further upside.
   
• Supports are seen at 0.8176 (session low) and then 0.81. While on the upside resistance is located at 0.8330 ((converging trendlines), 0.84 and 0.8440 (high for the week ending Dec 9th).
   
• Fitch and S&P have downgraded the UK’s credit rating to AA/negative. Focus now remains on the EU Leaders Summit due ahead in the EU session.
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Recommendation: Good to go long on close above 0.8330, SL: 0.8180, TP: 0.84/ 0.8470/ 0.8585/ 0.86