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Talking Points:
- EUR/GBP Technical Strategy: Flat
- Support: 0.7491, 0.7403, 0.7330
- Resistance: 0.7545, 0.7633, 0.7704
The Euro advanced against the British Pound as expected after prices produced a Bullish Engulfing candlestick pattern. A daily close above the 23.6% Fibonacci retracement at 0.7545 exposes the 38.2% level at 0.7633. Alternatively, a turn below the 14.6% Fib at 0.7491 opens the door for a challenge of the January 26 low at 0.7403.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
