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
EUR/GBP Technical Analysis – Euro Bounces to 1-Week High

EUR/GBP Technical Analysis – Euro Bounces to 1-Week High

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: 0.8104 (76.4% Fib exp, channel top), 0.8056-81 (100% Fib exp., May 23 low)
  • Resistance:0.8133 (61.8% Fib exp.), 0.8157 (50% Fib exp.)

The Euro is aiming to extend its advance against the British Pound after prices broke resistance at the top of a falling channel in play since late April. Resistance is now at 0.8133, the 61.8% Fibonacci expansion, with a break above that exposing the 50% level at 0.8157. Alternatively, a daily close below 0.8104 – the intersection of the 76.4% Fib and the channel top, clears the way for a test of the May 23 low at 0.8081 and the 100% expansion at 0.8056.

Prices are too close to resistance to justify a long position from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal warns against taking up the short side. With that in mind, we remain flat for now.

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

EUR/GBP Technical Analysis – Euro Bounces to 1-Week High

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.