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EUR/GBP Technical Analysis: Short Position Remains Active

EUR/GBP Technical Analysis: Short Position Remains Active

2014-12-29 02:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7840
  • Support: 0.7803, 0.7765, 0.7728
  • Resistance: 0.7858, 0.7896, 0.7953

The Euro looks to be resuming its move lower against the British Pound after a brief corrective upswing. 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 0.7858 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.

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EUR/GBP Technical Analysis: Short Position Remains Active

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.

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