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EUR/GBP Technical Analysis: Waiting for Short Trade Setup

EUR/GBP Technical Analysis: Waiting for Short Trade Setup

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Pending Short
  • Support: 0.7889, 0.7834, 0.7772
  • Resistance:0.8006, 0.8033, 0.8074

The Euro continues to edge higher after finding support below the 0.79 figure against the British Pound. A daily close above 0.8006 marked by a rising trend line set from late July exposes the June 25 high at 0.8033, followed by the 38.2% Fibonacci retracement at 0.8074. Alternatively, a turn below the horizontal support shelf at 0.7889 opens the door for a test of the 38.2% Fib expansion at 0.7834.

Last week’s rising trend line break suggests the longer-term Euro down trend against the Pound is underway once again. With that in mind, we will look for signs of topping on a re-test of this barrier to establish a short position. In the meantime, we remain flat.

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EUR/GBP Technical Analysis: Waiting for Short Trade Setup

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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