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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/GBP Technical Analysis: Targeting 5-Month Resistance

EUR/GBP Technical Analysis: Targeting 5-Month Resistance

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: 0.8004, 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.

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

EUR/GBP Technical Analysis: Targeting 5-Month Resistance

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.

DISCLOSURES