EUR/GBP breaches a crucial resistance level. - technical analysis - 22-12-2015

EUR/GBP rallied in its movements in the short term, along with the control of the main upward trend in the short term along the trend's line as shown in the attached chart, and with a positive pressure from the simple moving average for the period 50, succeeding thereafter in breaching the central resistance level of 0.7297, which represents the ratio 61.8 of Fibonacci retracement levels for a descending wave in the medium term (from 0.7492 to 0.6980), opening the door for more gains for the pair.

 

We therefore reaffirm our positive outlook for the pair's future movements, targeting the crucial resistance level of 0.7371.