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EUR/GBP Technical Analysis: Retesting Pivotal Trend Line

EUR/GBP Technical Analysis: Retesting Pivotal Trend Line

2014-08-05 23:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7909, 0.7860-73, 0.7783
  • Resistance:0.7984-97, 0.8074, 0.8136

The Euro launched upward against the British Pound as expected after prices produced in a bullish Morning Star candlestick pattern. Near-term resistance is in the 0.7984-97 area, marked by the 23.6% Fibonacci retracement and the August 1 high. A break above that on a daily closing basis exposes the 38.2% level at 0.8074. Alternatively, a reversal below trend line resistance-turned-resistance at 0.7909 opens the door for a test of the 0.7860-73 region, bracketed by the July 23 low and the 23.6% Fib expansion.

The ECB looks to be the most dovish of the leading central banks, putting the Euro at a disadvantage against its major counterparts. With that in mind, we will opt not to pursue a long position and wait for the bounce to produce a selling opportunity.

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EUR/GBP Technical Analysis: Retesting Pivotal Trend Line

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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