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Talking Points:
- EUR/GBP Technical Strategy: Flat
- Support: 0.7045, 0.6987, 0.6918
- Resistance: 0.7081, 0.7140, 0.7187
The Euro struggled to hold on to gains after rising to close the weekly opening gap against the British Pound. Near-term support is at 0.7045, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the June 29 low at 0.6987. Alternatively, a move above the 23.6% Fib at 0.7081 clears the way for a test of the 38.2% retracement at 0.7140.
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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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
