EURGBP Technical Analysis Report 3 December, 2024
The EURGBP pair has been showing some interesting movements in recent trading sessions. As of December 3, 2024, the pair is currently trading at a key level of resistance around 0.8350.
There has been a clear uptrend in the EURGBP pair, with higher highs and higher lows being formed on the daily chart. However, the pair is now facing strong resistance at the 0.8350 level, which has prevented further upside movement.
In terms of technical indicators, the RSI is currently in overbought territory, suggesting that the pair may be due for a pullback. On the other hand, the MACD indicator is still showing bullish momentum, indicating that there is still potential for the pair to move higher.
Traders should keep a close eye on the 0.8350 resistance level in the coming sessions. A break above this level could signal further upside potential for the EURGBP pair. On the other hand, a failure to break above this level could result in a pullback towards the 0.8300 support level.
Overall, the EURGBP pair is currently trading at a key resistance level, and traders should watch for a potential break above or below this level to determine the next direction for the pair.