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Talking Points:
- EUR/GBP Technical Strategy: Flat
- Support: 0.7403, 0.7361, 0.7290
- Resistance: 0.7449, 0.7503, 0.7591
The Euro is stalling after falling to retest the late January low above the 0.74 figure against the British Pound. Near-term resistance is at 0.7403, the January 26 low, with a break below that on a daily closing basis exposing the 38.2% Fibonacci expansion at 0.7361. Alternatively, a reversal above the 23.6% Fib at 0.7449 clears the way for a test of the 14.6% expansion at 0.7503.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
