EUR/GBP Technical Analysis: Consolidating Below 0.74 Figure
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7345, 0.7302, 0.7258
- Resistance: 0.7399, 0.7487, 0.7574
The Euro continues to consolidate against the British Pound after turning higher as expected having produced a bullish Piercing Line candlestick pattern. A daily close above the 0.7384-99 area (March 25 high, 76.4% Fibonacci expansion) exposes the 100% level at 0.7487. Alternatively, a turn below the 61.8% Fib at 0.7345 opens the door for a challenge of the 50% expansion at 0.7302.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.