EUR/GBP Technical Analysis: Resistance Now Above 0.73 Mark
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7234, 0.7150, 0.7097
- Resistance: 0.7302, 0.7370, 0.7455
The Euro advanced against the British Pound as expected after putting in a bullish Morning Star candlestick pattern. A daily close above the 50% Fibonacci retracement at 0.7302 exposes the 61.8% level at 0.7370. Alternatively, a reversal back below the 38.2% Fib at 0.7234opens the door for a test of 0.7150 (23.6% retracement, trend line resistance-turned-support).
Our long-term outlook envisions Euro weakness. With that in mind, we will treat any on-coming upswing as corrective and look to enter short once signs of a renewed turn lower emerge. In the meantime, we will remain on the sidelines.
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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.