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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/GBP Technical Analysis – Range Floor Under Pressure

EUR/GBP Technical Analysis – Range Floor Under Pressure

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: 0.8195 (Apr 30 low), 0.8172 (double bottom)
  • Resistance: 0.8243 (23.6% Fib ret.), 0.8273 (38.2% Fib ret.)

The Euro continues to consolidate in a range above the the April 30 low at 0.8195 against the British Pound. A break below support on a daily closing basis initially exposes a double bottom at 0.8172. Alternatively, a reversal above near-term resistance at 0.8243, the 23.6% Fibonacci retracement, will open the door for a challenge of the 38.2% level at 0.8273.

Entering short at current levels looks unattractive from a risk/reward perspective with prices in close proximity to relevant support. On the other hand, the absence of a defined upward reversal signal argues against taking up the long side. We will remain flat for the time being.

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

EUR/GBP Technical Analysis – Range Floor Under Pressure

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

DISCLOSURES