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EUR/GBP Analyst Pick

EUR/GBP Analyst Pick

Nick Cawley, Senior Strategist

Nick Cawley, Analyst, April 26, 2017

Position: Short EUR/GBP

Entry:At market (0.85073 at the time of writing)

Stop: April 9 daily high of 0.85551

Target 1: 0.8436 (76.4% Fibonacci retracement)

Target 2:0.8313 (April 18 daily low)

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EUR/GBP looks set to fall after its recent post-French election bounce with the spot price (0.8507) close to breaking below the 20-day ma (0.8485), confirming a bearish outlook. The 20-day ma broke below the 50- and 100-day ma on April 11-12 opening the move lower.

Chart 1: EUR/GBP Daily Timeframe (November 2016 to April 2017)

Chart by IG

And a look at the daily chart also shows that EUR/GBP has failed to convincingly break above the 61.8% Fibonacci level of the recent December 5, 2016/January 15, 2017 low-high range.

Chart 2: EUR/GBP Daily Timeframe (November 2016 to April 2017)

Chart by IG

---Written by Nick Cawley, Market Analyst

You can follow Nick on Twitter @nickcawley1

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