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EUR/GBP Technical Analysis: Taking Aim at 0.80 Figure

EUR/GBP Technical Analysis: Taking Aim at 0.80 Figure

2014-10-14 21:33:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7950, 0.7915, 0.7873
  • Resistance: 0.7994, 0.8033, 0.8065

The Euro rose to the highest level in a month against the British Pound with buyers now eyeing the 0.80 figure. Near-term resistance is at 0.7994, the 76.4% Fibonacci retracement, with a close above that on a daily closing basis exposing the June 25 high at 0.8033. Alternatively, a reversal back below the 61.8% Fib at 0.7950 opens the door for a challenge of the 50% retracement at 0.7950.

While taking up the long side is tempting from a purely technical perspective, we will tactically opt to pass. The ECB looks to be most dovish of the major central banks and seems unlikely to beat the BOE to tightening monetary policy, perpetuating the long-term EURGBP down trend. With that in mind, we will remain flat for now and look for a selling opportunity as the current upswing is exhausted.

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EUR/GBP Technical Analysis: Taking Aim at 0.80 Figure

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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