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EUR/GBP Technical Analysis: Eyeing Resistance at 0.73

EUR/GBP Technical Analysis: Eyeing Resistance at 0.73

2015-05-18 04:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7233, 0.7190, 0.7122
  • Resistance: 0.7301, 0.7356, 0.7412

The Euro moved higher against the British Pound as expected, with prices now taking aim at the 0.73 figure. A daily close above the 38.2% Fibonacci expansion at 0.7301 exposes the 50% level at 0.7356. Alternatively, a turn below the 23.6% Fib at 0.7233 opens the door for a challenge of the 14.6% expansion at 0.7190.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short 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: Eyeing Resistance at 0.73

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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