18.12.201505:19 Forex Analysis & Reviews: Technical analysis of EUR/GBP for December 18, 2015

Long-term review

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EUR/GBP started to look for resistance levels although breaking them consistently. This could be a sign of an uptrend is getting exhausted where a sharp drop in price might be expected.

However, I would expect another and potentially final wave down before the major fall as EUR/GBP holds at all support levels in general and most recent 61.8% Fibonacci retracement in particular.

Consider buying EURGBP while the price is near 0.7280 (61.8% Fibs) targeting 0.7350 area (161.8% Fibs) and perhaps slightly lower. The stop loss should be placed below the most recent low of the 17th of December.

Support: 0.7233, 0.7250

Resistance: 0.7270, 0.7285, 0.7305, 0.7350

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