EUR/GBP Technical Analysis: July Swing Bottom Targeted
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7873, 0.7834, 0.7772
- Resistance:0.7911, 0.7958, 0.7996
The Euro is pushing downward against the British Pound once again, with prices approaching the late-July swing bottom. A daily close below the July 23 lowat 0.7873exposes the 38.2% Fibonacci expansion at 0.7834. Alternatively, a turn above the 23.6% level at 0.7911 opens the door for a test of the 14.6% Fib at 0.7958.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind we will remain flat for now.
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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.