Looking at the EUR/GBP Weekly chart, we can see it’s the start of the uptrend on December 8th, rising from the 0.849 price range to the 0.858, attempting to consolidate on December 9th but failing to do so, retracting to the 0.854 where it was trading steadily in that range up until yesterday, where it fell to the 0.850 but quickly bounced back up to its previous range. Today it managed to withstand another retraction and is currently found trading around the 0.853 price range with 0.854 key overhead resistance and first support base at 0.85
Today, we could expect an attempt to break through the key resistance level of 0.854 and possibly a move in the 0.856.
If however, it doesn’t manage to break out or to hold on to the current level, we could expect a move towards the 0.85 support level and possibly below.
(Click on image to enlarge)
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