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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/GBP Technical Analysis: Double Bottom in the Works?

EUR/GBP Technical Analysis: Double Bottom in the Works?

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7403, 0.7361, 0.7290
  • Resistance: 0.7449, 0.7503, 0.7591

The Euro is stalling after falling to retest the late January low above the 0.74 figure against the British Pound. Positive RSI divergence hints a bounce may be ahead however. Near-term resistance is at 0.7449, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 14.6% level at 0.7503. Alternatively, a reversal below the January 26 lowat 0.7403 clears the way for a test of the 38.2% Fib at 0.7361.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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