EUR/GBP Technical Analysis – Euro Drops for Eighth Day
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7955 (61.8% Fib exp.), 0.7908 (76.4% Fib exp.)
- Resistance:0.7992 (50% Fib exp.), 0.8030 (38.2% Fib exp.)
The British Pound continues its aggressive attack against the Euro, with prices sinking below the 0.80 figure. Near-term support is marked by the 61.8% Fibonacci expansionat 0.7955, with a break below that on a daily closing basis exposing the 76.4% level at 0.7908. Alternatively, a move back above the 50% Fib at 0.8030 clears the way for a challenge of the 38.2% expansion 0.8030.
Current positioning does not offer an actionable trade setup. We will opt to remain on the sidelines for the time being, waiting for a more attractive 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.