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Talking Points:
- EUR/GBP Technical Strategy: Flat
- Support: 0.7141, 0.7035, 0.6930
- Resistance: 0.7206, 0.7271, 0.7352
The Euro continued to recover for a second day against British Pound, hitting the highest level in five weeks. A daily close above the 50% Fibonacci retracement at 0.7206 exposes the 61.8% level at 0.7271. Alternatively, a turn below the 38.2% Fib at 0.7141 opens the door for a challenge of trend line support at 0.7035.
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
