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EUR/GBP Technical Analysis: Pound Gains Most in 9 Months

EUR/GBP Technical Analysis: Pound Gains Most in 9 Months

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7873, 0.7842, 0.7781
  • Resistance: 0.7909, 0.7940, 0.7977

The Euro accelerated downward, issuing its largest daily decline in nine months against the British Pound. Near-term support is in the 0.7873-79 area, marked by the July 23 low and the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.7842. Alternatively, a reversal above the 50% Fib at 0.7909 opens the door for a challenge of the 38.2% expansion at 0.7940.

Prices are wedged too tightly between near-term up- and down-side technical barriers to justify taking 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: Pound Gains Most in 9 Months

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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