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EUR/GBP Technical Analysis: Range Top Under Pressure

EUR/GBP Technical Analysis: Range Top Under Pressure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7917, 0.7887, 0.7849
  • Resistance: 0.7947, 0.7985, 0.8030

The Euro has launched a brisk recovery against the British Pound, rising to the highest level in a month. Near-term resistance is at 0.7947, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 0.7985. Alternatively, a turn back below the 50% Fib at 0.7917 opens the door for a challenge of the 38.2% retracement at 0.7887.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind we will remain flat for now.

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EUR/GBP Technical Analysis: Range Top Under Pressure

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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