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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
EUR/GBP Technical Analysis: Profit Booked on Short Position

EUR/GBP Technical Analysis: Profit Booked on Short Position

Ilya Spivak,

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7158, 0.7013, 0.6949
  • Resistance: 0.7247, 0.7392, 0.7509

The Euro moved upward against the British Pound as expected after producing a bullish Morning Star candlestick pattern. Near-term resistance is at 0.7247, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 0.7392. Alternatively, a turn below the intersection of the 14.6% retracementand trend line resistance-turned-support at 0.7158clears the way for a challenge of the March 11 low at 0.7013.

We sold EURGBP at 0.7341 and subsequently booked profit on half of the position. The break above trend line resistance suggests a larger upswing is ahead. We will now exit the remainder of our short position, looking for any on-coming upswing to yield another selling opportunity.

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