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14.12.201508:28 Forex Analysis & Reviews: Technical analysis of EUR/GBP for December 14, 2015

Long-term review

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As per my previous forecast, EUR/GBP is expected to trigger the sell signal and I think the price will move lower. This might not be a fast decline but rather slow and consistent one.

After the downtrend channel and 38.2% Fibonacci were rejected, the price could consolidate for a couple of days, but in overall it seems very reasonable to expect a downtrend in the mid-term.

Consider selling EUR/GBP on small pullbacks with the stop loss well above R2 targeting potential double bottom near the S4 (0.6940) area.

Support: 0.7210, 0.7145, 0.7060

Resistance: 0.7280, 0.7360

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