EUR/GBP Technical Analysis: Monthly High Back in Focus
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7343, 0.7313, 0.7265
- Resistance: 0.7391, 0.7430, 0.7469
The Euro launched higher against the British Pound once again following two days of corrective losses. A daily close above resistance at 0.7391, the 38.2% Fibonacci expansion, exposes the 50% level at 0.7430. Alternatively, a turn back below the 23.6% Fib at 0.7343 opens the door for a challenge of the 14.6% expansion at 0.7313.
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.