EUR/GBP Technical Analysis: Six-Day Win Streak Broken
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7289, 0.7234, 0.7165
- Resistance: 0.7344, 0.7413, 0.7524
The Euro paused to consolidate gains after reversing upward against the British Pound as expected, snapping a six-day winning streak. A daily close above the 61.8% Fibonacci expansion at 0.7344 exposes the 76.4% level at 0.7413. Alternatively, a turn below the 50% Fib at 0.7289 opens the door for a challenge of the 38.2% retracement at 0.7234.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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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.