Forex: EUR/GBP Technical Analysis – Resistance Near 0.83 in Focus
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- EUR/GBP Technical Strategy: Flat
- Support: 0.8256 (trend line), 0.8045 (Mar 28 low)
- Resistance: 0.8302 (23.6% Fib exp.), 0.8338 (38.2% Fib exp.)
The Euro is attempting to build higher against the British Pound having found support at a rising trend line set from mid-February. The first layer of resistance is at 0.8302, the 23.6% Fibonacci expansion, with a breach above that targeting the 38.2% level at 0.8338. Trend line support now at 0.8256, a barrier bolstered by the March 28 swing low at 0.8045.
Prices are too close to relevant near-term up- and down-side barriers to make a trade on either side of the equation an attractive proposition from a risk/reward perspective. With a that in mind, we will continue to stand aside for now until a more attractive setup presents itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com