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
Forex: EUR/GBP Technical Analysis – Stop-Loss Hit on Short Position

Forex: EUR/GBP Technical Analysis – Stop-Loss Hit on Short Position

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.8357
  • Support: 0.8463 (50% Fib ret.), 0.8535 (61.8% Fib ret.)
  • Resistance: 0.8390 (38.2% Fib ret.), 0.8301 (23.6% Fib ret.)

Our short Euro position against the British Pound from 0.8357 was stopped out as prices issued a close above 0.8377, the March 13 high. Prices have now edged above resistance at 0.8390, the 38.2% Fibonacci retracement, seemingly exposing the 50% level at 0.8463. Alternatively, a reversal back below 0.8390 sees the next key layer of support at 0.8301, the 23.6% Fib.

Prices broke resistance by a mere 5 pips. In the context of a 20-day ATR reading at 42, our level of conviction in upside follow-through is relatively low. With that in mind, we will opt not to chase the pair higher and pass on a long position, choosing to monitor developments from the sidelines for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_eur-chf_body_Picture_12.png, Forex: EUR/GBP Technical Analysis – Stop-Loss Hit on Short Position

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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