EUR/GBP Technical Analysis – Selloff Fails to Break Range
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- EUR/GBP Technical Strategy: Flat
- Support: 0.8104 (76.4% Fib exp), 0.8081 (May 23 low)
- Resistance:0.8133 (61.8% Fib exp.), 0.8157 (50% Fib exp.)
A sharp spike lower failed to yield follow-through, with the Euro still locked in a familiar consolidation range against the British Pound. Resistance remains 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 the 76.4% Fib at 0.8104 opens door for a test of the May 23 low at 0.8081, followed by channel top resistance-turned-support at 0.8069.
Near-term positioning is inconclusive at this point as prices search for the next directional trigger. We will stand aside for now, waiting for a better-defined opportunity to present itself.
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.