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EUR/GBP Technical Analysis: Looking for Direction Cues

EUR/GBP Technical Analysis: Looking for Direction Cues

2014-07-28 21:19:00
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 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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EUR/GBP Technical Analysis: Looking for Direction Cues

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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