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EUR/GBP Technical Analysis: Short Position Making Progress

EUR/GBP Technical Analysis: Short Position Making Progress

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7850
  • Support: 0.7802, 0.7740, 0.7663
  • Resistance: 0.7864, 0.7902, 0.7941

The Euro remains under pressure against the British Pound, with prices on pace to complete the longest losing streak in three months. A daily close below the 50% Fibonacci expansion at 0.7802 exposes the 61.8% level at 0.7740. Alternatively, a turn above the 38.2% Fib at 0.7864 opens the door for a test of triangle floor support-turned-resistance at 0.7902.

We sold EURGBP at 0.7850, initially targeting 0.7802. A stop-loss will be activated on a daily close above 0.7898. We will take profit on half of the position and move the stop-loss to breakeven once the first objective is reached.

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EUR/GBP Technical Analysis: Short Position Making Progress

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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