EUR/GBP is currently testing strong resistance at 0.7040 levels, breaks above cloud take the pair to 0.7079 levels.
- The pair has retreated from double top at 0.7079 (Nov 24, 25) and 21 DMA at 0.7065 continues to exert bearish pressure on the pair
- 0.7015 (double bottom 24, 26 Nov) is good support on the downside, breaks below could take the pair to 0.6985 levels
- Daily Stochs and RSI are biased higher, breaks above 0.7079 could target 0.7100 (23.6 % Fibo of Oct 13 to Nov 17 fall) and then 0.7126 (Daily High Nov 10)
Good to go long on breaks above 0.7040, SL: 0.6980, TP1: 0.7079, TP2: 0.71
Resistance Levels:
R1: 0.7065 (21 DMA)
R2: 0.7079 (double top Nov 24, 25)
R3: 0.7108 (Daily High Nov 12)
Support Levels:
S1: 0.7037 (10 DMA)
S2: 0.7015 (double bottom 24, 26 Nov)
S2: 0.6985 (Trendline support)
