EUR/GBP Technical Analysis: Sideways Trade Continues
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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 the time being, waiting for an actionable trade setup to emerge.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.