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EUR/GBP Technical Analysis: Euro Sinks to 7-Year Low

EUR/GBP Technical Analysis: Euro Sinks to 7-Year Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7341
  • Support: 0.7219, 0.7131, 0.6989
  • Resistance: 0.7290, 0.7361, 0.7449

The Euro dropped to the lowest level in over 7 years against the British Pound, invalidating the bullish reversal signal noted earlier in the week. Near-term support is at 0.7219, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.7131. Alternatively, a turn above the intersection of trend line resistance and the 50% Fib at 0.7290clears the way for a challenge of the 38.2% expansion at 0.7361.

We sold EURGBP at 0.7341 and subsequently booked profit on half of the position. The remainder of the positioning remains open to capture any further downward momentum. The stop-loss has been trailed to the breakeven level (0.7341).

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

EUR/GBP Technical Analysis: Euro Sinks to 7-Year Low

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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