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EUR/GBP Technical Analysis: Waiting for Short Trade Setup

EUR/GBP Technical Analysis: Waiting for Short Trade Setup

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis – Prices rebounded as expected after putting in a bullish Piercing Line candlestick pattern above support in the 0.8583-90 area marked by a horizontal pivot dating back to mid-February and the 38.2% Fibonacci retracement. The pair is now testing resistance is at 0.8636, the 23.6% Fib, with a break above that initially targeting the 38.2% Fib expansion at 0.8673. The weekly chart seems to outline the makings of a looming downward reversal but an actionable short trade setup is absent for now.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Waiting for Short Trade Setup

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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