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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • China asks banks and alipay not to involve in Crypto operations
  • Swedish PM Lofven loses vote of no confidence $SEK
  • $SEK https://t.co/wsDlD7ontr
  • Cryptos a sea of red in early turnover. #btc #eth #bch #ltc #cryptocurrencies @DailyFX Prices via @IGcom https://t.co/hJZM88iBhu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 86.06%, while traders in France 40 are at opposite extremes with 71.39%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kDXB7uMLTc
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 0.59% Silver: 0.38% Oil - US Crude: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/TYEA5HjCDW
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/cneT301DZA
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.28% 🇳🇿NZD: 0.27% 🇦🇺AUD: 0.08% 🇨🇭CHF: 0.01% 🇪🇺EUR: -0.02% 🇨🇦CAD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8m662qPO5F
  • Crude Oil Prices Rise as Iran Nuclear Talks Yield No Progress https://www.dailyfx.com/forex/market_alert/2021/06/21/Crude-Oil-Prices-Rise-as-Iran-Nuclear-Talks-Yield-No-Progress.html https://t.co/0SqVDFbEV7
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: US 500: -0.18% Wall Street: -0.24% Germany 30: -0.40% FTSE 100: -0.45% France 40: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ogVOurA7J6
EUR/GBP Technical Analysis – Opting to Pass on Short Trade

EUR/GBP Technical Analysis – Opting to Pass on 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: 0.8030 (38.2% Fib exp.), 0.7992 (50% Fib exp.)
  • Resistance:0.8076-81 (May 23 low, 23.6% Fib exp.), 0.8105 (14.6% Fib exp.)

The Euro dropped to the lowest level in 18 months against the British Pound after taking out the May swing bottom. Support is now at 0.8030, the 38.2% Fibonacci expansion, with a daily lose below this barrier exposing the 50% level at 0.7992. Alternatively, a turn back above resistance in the 0.8076-81 area – marked by the 23.6% Fib and the May 23 bottom – clears the way for a challenge of the 14.6% expansion at 0.8105.

While taking a short position at current levels is tempting, emerging signs of positive RSI divergence hint downward momentum may be ebbing. We will tactically opt not to chase the pair lower here.

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

EUR/GBP Technical Analysis – Opting to Pass on Short Trade

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