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EURGBP Weekly Forex Forecast 10th December to 16th December by yshashmi37 on TradingView.com
Midterm forecast:
While the price is below the resistance 0.9150, beginning of downtrend is expected.
We make sure when the support at 0.8850 breaks.
If the resistance at 0.9150 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the trough at 0.8725 on 2018-10-10 and the trough at 0.8655 on 2018-11-13, and the probability of beginning of downtrend is decreased.
While the RSI resistance #1 at 63 is not broken, the probability of price increase would be too low.
The RSI bounced from the uptrend #2 and it prevented price from more losses.
A trough is formed in daily chart at 0.8810 on 11/28/2018, so more gains to resistance(s) 0.9005, 0.9050, 0.9100 and maximum to Major Resistance (0.9150) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 66.
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