EUR/GBP Technical Analysis: Sideways Trade Continues
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7889, 0.7861, 0.7833
- Resistance:0.7924, 0.7971, 0.8033
The Euro remains in consolidation mode against the British Pound after finding interim support below the 0.79 figure. Near-term support is at 0.7889, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.7861. Alternatively, a reversal back above 0.7924, the 23.6% Fib, clears the way for a move to support-turned-resistance at 0.7971, the June 13 low.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable trade setup to emerge.
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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.