Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
EUR/GBP Technical Analysis: Waiting to Re-Establish Short

EUR/GBP Technical Analysis: Waiting to Re-Establish Short

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7803, 0.7728, 0.7654
  • Resistance: 0.7896, 0.7953, 0.8030

The Euro moved lower against the British Pound as expected after showing a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci expansionat 0.7803 exposes the 0.7728-51 area marked by the July 2012 low and the 50% level. Alternatively, a reversal above the 0.7873-96 zone (July 23 low, 23.6% Fib) clears the way for a test of the 14.6% expansion at 0.7953.

The final part of our EURGBP short position was booked last week. While re-entering the trade seems tempting from a technical perspective, we will tactically opt to stand aside.The looming release of the Bank of England Quarterly Inflation Report represents a defining bit of policy-defining news flow and we prefer to wait for the outcome before committing to a direction.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/GBP Technical Analysis: Waiting to Re-Establish Short

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.