EUR/GBP readies to attack a crucial resistance. - Technical Analysis - 30-12-2015

EUR/GBP kept rising in its short-term trading, continuing its movements within an ascending price channel in the short term, and with positive pressure from the simple moving average for the period 50, reaching thereafter the crucial resistance of 0.7400, bouncing off of it downwards; attempting to stimulate some positive momentum that would help it attack the resistance again and breach it, but as of now, it couldn't do it, even as relative power indicators have reached extremely oversold levels.

 

Therefore we expect the pair to gain ground, provided it breaches the resistance of 0.7400, targeting thereafter the resistance of 0.7480.