EUR/GBP Technical Analysis: Challenging 0.80 Once Again
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7962, 0.7929, 0.7873
- Resistance: 0.8002, 0.8033, 0.8069
The Euro continues to race higher against the British Pound, with buyers once against poised to breach the 0.80 figure. A daily close below the 76.4% Fibonacci expansionat 0.8002 exposes triple top resistance at 0.8033. Alternatively, a reversal below the 61.8% Fib at 0.7962 clears the way for a test of the 50% expansion at 0.7929.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com