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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: -0.03% Silver: -0.22% Oil - US Crude: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/7AaenKr6dx
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.21% 🇯🇵JPY: -0.01% 🇨🇦CAD: -0.02% 🇨🇭CHF: -0.08% 🇳🇿NZD: -0.11% 🇬🇧GBP: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WRIE0S7Dwx
  • Crude Oil Prices May Fall as the Fed Strikes a Cautious Tone - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2019/12/11/Crude-Oil-Prices-May-Fall-as-the-Fed-Strikes-a-Cautious-Tone.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #crudeoil #FOMC
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: 0.03% Wall Street: -0.01% Germany 30: -0.03% France 40: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/dFVRjzGoZc
  • The #Fed rate decision and market reaction will be covered live by my colleague @JohnKicklighter, signup for the event below! https://t.co/xDN6nNRvt1
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.16%, while traders in US 500 are at opposite extremes with 77.23%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6hcL6283Yf
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.13% 🇯🇵JPY: -0.02% 🇨🇦CAD: -0.02% 🇨🇭CHF: -0.06% 🇬🇧GBP: -0.11% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/CwF9QmReEw
  • $USDHKD: “If the HIBOR-LIBOR spread increases again, and at the same time the USD/HKD exchange rate returns to 7.85, money could indeed be moving out of Hong Kong.” - via @ING_Economics https://t.co/xWYns19eoQ
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: US 500: 0.03% Wall Street: 0.01% Germany 30: -0.00% France 40: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2njXMVkFO7
  • Asia Pacific Equities Update: Nikkei 225 (-0.19%), Shanghai Composite (+0.12%), ASX 200 (+0.52%), KOSPI (+0.28%)
EUR/GBP Technical Analysis: Bearish Bias Remains Intact

EUR/GBP Technical Analysis: Bearish Bias Remains Intact

2014-12-23 01:09:00
Ilya Spivak, Sr. Currency Strategist
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7840
  • Support: 0.7803, 0.7765, 0.7728
  • Resistance: 0.7854, 0.7896, 0.7953

The Euro corrected higher against the British Pound but conspicuously failed to overturn last week’s bearish breakout. Near-term support is at 0.7803, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the September 30 low at 0.7765. Alternatively, a reversal above Triangle floor support-turned-resistance at 0.7854 opens the door for a challenge of the 23.6% level at 0.7896.

We sold EURGBP at 0.7840, initially targeting 0.7803. A stop-loss will be activated a daily close above 0.7877. We will book half of the position and move the stop-loss to breakeven once prices reach the first objective.

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

EUR/GBP Technical Analysis: Bearish Bias Remains Intact

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.

DISCLOSURES

News & Analysis at your fingertips.