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Talking Points:
- EUR/GBP Technical Strategy: Flat
- Support: 0.7556, 0.7507, 0.7459
- Resistance: 0.7616, 0.7713, 0.7765
The Euro renewed the push downward against the British Pound, with sellers securing a foothold below the 0.76 figure. Near-term support is at 0.7556, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.7507. Alternatively, a reversal above the 23.6% Fib at 0.7616 clears the way for a test of the January 21 high at 0.7713.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
