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EUR/GBP Technical Analysis: Rising Trend Line Under Fire

EUR/GBP Technical Analysis: Rising Trend Line Under Fire

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7973, 0.7954, 0.7935
  • Resistance:0.8033, 0.8074, 0.8136

The Euro edged higher against the British Pound as expected after prices produced in a bullish Morning Star candlestick pattern. A pullback now sees prices testing support at 0.7973, the intersection of the 38.2% Fibonacci retracement and a rising trend line set from July’s low. Breaching this barrier on a daily closing basis exposes the 50% level at 0.7954. Alternatively, a turn above the June 25 high at 0.8033 clears the way for a challenge of an alternate 38.2% Fib retracement at 0.8074.

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: Rising Trend Line Under Fire

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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