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EUR/GBP Technical Analysis: Buyers Reclaim Hold on 0.80

EUR/GBP Technical Analysis: Buyers Reclaim Hold on 0.80

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8005, 0.7982, 0.7958
  • Resistance:0.8020, 0.8044, 0.8063

The Euro launched upward against the British Pound as expected after prices produced in a bullish Morning Star candlestick pattern. Resistance is now at 0.8020, the 23.6% Fibonacci expansion. A break above that on a daily closing basis exposes the 38.2% level at 0.8044. Alternatively, a reversal below the 14.6% Fib at 0.8005 opens the door for a test of the August 19 low at 0.7982.

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.

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

EUR/GBP Technical Analysis: Buyers Reclaim Hold on 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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