EUR/GBP Technical Analysis: Still Locked in Familiar Range
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7941, 0.7889, 0.7864
- Resistance: 0.8033, 0.8074, 0.8136
The Euro remains mired in a familiar range against the British Pound after finding resistance above the 0.83 figure yet again. A daily close below the 23.6% Fibonacci expansionat 0.7941 exposes the range floor at 0.7889, followed by the 38.2% level at 0.7864. Alternatively, a turn above range resistance at 0.8033 opens the door for a test of the 38.2% Fib retracement at 0.8074.
Risk/reward considerations argue against entering short with prices sitting at support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. 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.