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EURGBP Weekly Forex Forecast 2nd December to 8th December by yshashmi37 on TradingView.com
Midterm forecast:
While the price is above the support 0.8620, beginning of uptrend is expected.
We make sure when the resistance at 0.8930 breaks.
If the support at 0.8620 is broken, the short-term forecast -beginning of uptrend- 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, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
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) 0.8895 and maximum to Major Resistance (0.8930) 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 55.
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