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Talking Points:
- EUR/GBP Technical Strategy: Short at 0.7341
- Support: 0.7131, 0.6989, 0.6847
- Resistance: 0.7219, 0.7257, 0.7290
The Euro looks set to continue lower against the British Pound after prices cleared support above the 0.72 figure. A daily close below the 76.4% Fibonacci expansionat 0.7131 exposes the 100% level at 0.6989. Alternatively, a turn above the 61.8% Fib at 0.7219 opens the door for a test of fallingthe trend line resistance at 0.7257.
We entered short EURGBP at 0.7341 and subsequently booked profit on half of the position. The rest of the trade remains open to capture any further downside. The stop-loss has been adjusted to the breakeven level (0.7341).
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
