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EUR/GBP Technical Analysis: Eyeing Resistance Near 0.80

EUR/GBP Technical Analysis: Eyeing Resistance Near 0.80

2014-08-07 02:58:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7904, 0.7860-73, 0.7783
  • Resistance:0.7984-97, 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 in the 0.7984-97 area, marked by the 23.6% Fibonacci retracement and the August 1 high, exposes the 38.2% level at 0.8074. Alternatively, a turn back below trend line resistance-turned-resistance at 0.7904 clears the way for a challenge of the 0.7860-73 region, bracketed by the July 23 low and the 23.6% Fib expansion.

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.

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EUR/GBP Technical Analysis: Eyeing Resistance Near 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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