EUR/GBP keeps rising - technical analysis - 15-12-2015

The pair EUR/GBP kept rising in the short term, helped by the continuing positive support from the simple moving average for the period 50, with the dominance of the main upward trend in the short term and intraday levels along the trend line as shown in the attached chart. The pair then tested the resistance level of 0.7297, which represents the ratio 61.8% of the Fibonacci retracement levels for a descending wave in the medium term (from 0.7492 to 0.6980), before bouncing away from the level, trying to reap some profits and gain some positive momentum to help it breach that level.

 

Therefore we expect further gains for the pair, especially in case of it breaching the resistance of 0.8297, targeting subsequently the resistance of 0.7371, which represents the ratio 76.4 of the same retracement levels mentioned earlier.