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EUR/GBP Technical Analysis: April Bottom Back in Focus

EUR/GBP Technical Analysis: April Bottom Back in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7153, 0.7052, 0.6950
  • Resistance: 0.7223, 0.7280, 0.7356

The Euro sank for a third consecutive day as the British Pound continues to push upward following the outcome of the UK general election. Near-term support is at 0.7453, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.7052. Alternatively, a reversal above horizontal support-turned-resistance at 0.7223 clears the way for a test of the 23.6% expansion at 0.7279.

Risk/reward considerations argue against entering short with prices in close proximity to resistance. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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

EUR/GBP Technical Analysis: April Bottom Back in Focus

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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