EUR/GBP Technical Analysis: First Target Reached on Short
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- EUR/GBP Technical Strategy: Short at 0.7850
- Support: 0.7802, 0.7740, 0.7663
- Resistance: 0.7864, 0.7903, 0.7941
The British Pound is attempting to prolong its advance against the Euro as sellers attempt to breach the 0.78 figure. Near-term support is at 0.7802, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.7740. Alternatively, a reversal above the 38.2% Fib at 0.7864 clears the way for a challenge of triangle floor support-turned-resistance at 0.7903.
We entered short EURGBP at 0.7850. The trade has now met its initial objective at 0.7802 and we’ve taken profit on half of our exposure. The rest will remain open to capture any further upside momentum with a stop-loss adjusted to the breakeven level (0.7850).
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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.