EUR/GBP Technical Analysis: Familiar Range Remains in Play
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7873, 0.7777, 0.7728
- Resistance: 0.7953, 0.8033, 0.8084
The Euro continues to tread water against the British Pound, with buyers falling short of securing an upside breach yet again. Near-term resistance is at 0.7953, the 14.6%Fibonacci expansion, with a break above that on a daily closing basis exposing range top resistance at 0.8033. Alternatively, a reversal below the 0.7873-96 area marked by the July 23 low and the 23.6% level opens the door for a challenge of the 0.7788-0.7803 zone (September 30 close, 38.2% Fib).
A clear-cut trading signal is absent at this point, arguing against taking up the long or short side for the time being. We will continue to stand aside, waiting for an actionable opportunity present itself.
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Daily Chart - Created Using FXCM Marketscope
--- 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.