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Talking Points:
- EUR/GBP Technical Strategy: Flat
- Support: 0.7117, 0.7055, 0.6982
- Resistance: 0.7155, 0.7218, 0.7268
The Euro moved higher against the British Pound as expected after putting in a Bullish Engulfing candlestick pattern. Near-term resistance is at 0.7155, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 7218. Alternatively, a reversal below the 14.6% Fib at 0.7117 clears the way for a test of the May 27 low at 0.7055.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
