EUR/GBP Technical Analysis: Stalling Above the 0.78 Figure
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- EUR/GBP Technical Strategy: Short at 0.7850
- Support: 0.7802, 0.7740, 0.7663
- Resistance: 0.7864, 0.7904, 0.7941
The British Pound is stalling above the 0.78 figure against the Euro as after dipping to the lowest level in 26 months. A daily close below the 50% Fibonacci expansionat 0.7802 exposes the 61.8% level at 0.7740. Alternatively, a turn above the 38.2% Fib at 0.7864 clears the way for a challenge of triangle floor support-turned-resistance at 0.7904.
We sold EURGBP at 0.7850and have since taken profit on half of our exposure. The remainder of the trade is open to capture any further downside momentum. The stop-loss is now at 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.