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EUR/GBP Technical Analysis: Targeting 5-Month Resistance

EUR/GBP Technical Analysis: Targeting 5-Month Resistance

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.8004, 0.7985, 0.7954
  • Resistance: 0.8035, 0.8060, 0.8086

The Euro resumed its aggressive ascent against the British Pound, with prices now poised to challenge an upside barrier capping the upside since late June. A daily close below the 0.8033-35 area marked by the aforementioned ceiling and the 38.2% Fibonacci expansionexposes the 50% level at 0.8060. Alternatively, a reversal below the 23.6% Fib at 0.8004 clears the way for a test of the 14.6% expansion at 0.7985.

The available trading range is too narrow to allow for a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for the time being, waiting for a more compelling opportunity to present itself.

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EUR/GBP Technical Analysis: Targeting 5-Month Resistance

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.