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Talking Points:
- EUR/GBP Technical Strategy: Flat
- Support: 0.7399, 0.7302, 0.7205
- Resistance: 0.7459, 0.7507, 0.7556
The Euro fell for a third consecutive day against the British Pound, with sellers now aiming to try their luck below the 0.74 figure. Near-term support is at 0.7399, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 0.7302. Alternatively, a reversal above the 61.8% Fib at 0.7459 clears the way for a test of the 50% expansion at 0.7507.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
