Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/GBP Technical Analysis: Euro Drop Extends for 8th Day

EUR/GBP Technical Analysis: Euro Drop Extends for 8th Day

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

The Euro continues to slide against the British Pound, with prices sinking for an eighth consecutive day. Near-term support is at 0.6989, the 100% Fibonacci expansion, with a break below that on a daily closing basis exposing the 123.6% level at 0.6847. Alternatively, a turn above the 76.4% Fib at 0.7131 clears the way for a challenge of 0.7219, the intersection of a falling the trend line and the 61.8% expansion.

We sold EURGBP at 0.7341 and subsequently booked profit on half of the position. The remainder of the positioning remains open to capture any further downward momentum. The stop-loss has been trailed to the breakeven level (0.7341).

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES