Technical Analysis On EUR/GBP Entering into the Eve of Christmas...

Technical Analysis On EUR/GBP

Entering into the Eve of Christmas and the EUR/GBP is behaving as expected. After yesterday’s rally, the pair finally broke out beyond 0.8958, the 50% Fibonacci level on the daily chart, to make a high at 0.8996. Even though it did not actually print 0.9000, the pair did finish the quarter. After the rally, retracement occurred as expected pulling back to the exact 38.2% Fibonacci level at 0.8964. The EUR/GBP respected this level and has since reversed to continue the rally already printing a high on the day so far at 0.8992 (made after this chart was printed). A break of 0.9000 would be expected in order for the pair to continue its bullish bias.