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EUR/GBP Technical Analysis: Waiting for Selling Opportunity

EUR/GBP Technical Analysis: Waiting for Selling Opportunity

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Pending Short
  • Support: 0.7873, 0.7834, 0.7772
  • Resistance:0.7911, 0.7958, 0.7992

The Euro is accelerating lower against the British Pound anew, with prices dropping to the lowest level in a month. Near-term support is at 0.7873, the July 23 low, with a break below that on a daily closing basis exposing the 38.2% Fibonacci expansion at 0.7834. Alternatively, a reversal above the 23.6% level at 0.7911 clears the way for a challenge of the 14.6% Fib at 0.7958.

While entering short is a tempting proposition, risk/reward considerations argue against taking a position at market with prices asymmetrically close to the would-be initial target versus a reasonable stop-loss level. With that in mind, we will begrudgingly stand aside for now.

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EUR/GBP Technical Analysis: Waiting for Selling Opportunity

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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