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EUR/GBP Technical Analysis: Resistance Now Just Below 0.80

EUR/GBP Technical Analysis: Resistance Now Just Below 0.80

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7950, 0.7914-24, 0.7873
  • Resistance:0.7997, 0.8074, 0.8136

The Euro moved higher against the British Pound as expected after prices produced in a bullish Morning Star candlestick pattern. A daily close above resistance at 0.7997, the 23.6% Fibonacci retracement, exposes the 38.2% level at 0.8074. Alternatively, a turn back below 0.7950, the 14.6% Fib, clears the way for a challenge of resistance-turned-support in the 0.7914-24 area.

We are tactically opting not to pursue a long position, choosing not be long the Euro considering the ECB is shaping up to be the most dovish of the major central banks over the coming months. Rather, we will continue to monitor the upswing for opportunities to enter short.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/GBP Technical Analysis: Resistance Now Just Below 0.80

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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