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EUR/GBP Technical Analysis: Sellers Push Past 0.79 Mark

EUR/GBP Technical Analysis: Sellers Push Past 0.79 Mark

2014-07-16 22:48:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7889, 0.7861, 0.7833
  • Resistance:0.7924, 0.7971, 0.8033

The Euro continues to push lower against the British Pound, with prices dropping below the 0.79 figure to hit a two-year low. A daily close below support at 0.7889, the 38.2% Fibonacci expansion, clears the way for a test of the 50% level at 0.7861. Alternatively, a turn back above the 23.6% Fib at 0.7924 opens the door for a challenge of support-turned-resistance at 0.7971, the June 13 low.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.

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EUR/GBP Technical Analysis: Sellers Push Past 0.79 Mark

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.

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