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
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Forex: EUR/GBP Technical Analysis – Waiting to Enter Short Trade

Forex: EUR/GBP Technical Analysis – Waiting to Enter Short Trade

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: 0.8342 (23.6% Fib ret.), 0.8306 (38.2% Fib ret.)
  • Resistance: 0.8399 (Mar 19 high), 0.8420 (38.2% Fib ret.)

The Euro may be carving a top against the British Pound after prices put in a Bearish Engulfing candlestick patternbelow the 0.84 figure. Initial support is at 0.8342, the 23.6% Fibonacci retracement, with break below that exposing the 38.2% level at 0.8306. Near-term resistance is at 0.8399, the March 19 high, followed by the 38.2% Fib expansion at 0.8420.

While the rebound over the past two sessions has aligned risk/reward parameters in favor of a short position, we will opt to stand aside. We are mindful of the near-term upside bias implications of the break above trend line resistance set from August 2013 two weeks ago and will wait for greater confirmation before expressing a bearish view.

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

dailyclassics_eur-chf_body_Picture_11.png, Forex: EUR/GBP Technical Analysis – Waiting to Enter Short Trade

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.