News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/GBP Technical Analysis: Turn Lower Hinted Ahead

EUR/GBP Technical Analysis: Turn Lower Hinted Ahead

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7261, 0.7221, 0.7182
  • Resistance: 0.7391, 0.7430, 0.7469

The Euro is consolidating below the 0.74 figure against the British Pound, with negative RSI divergence hinting a move lower is ahead. Near-term support is at 0.7261, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 0.7221. Alternatively, a push above the 38.2% Fib expansion at 0.7391clears the way for a test of the 50% threshold at 0.7430.

Positioning is inconclusive at this point. RSI divergence is not sufficient as a directional signal by itself without further confirmation. With that in mind, we will remain flat for now, waiting for a more compelling opportunity to present itself.

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

EUR/GBP Technical Analysis: Turn Lower Hinted Ahead

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.

DISCLOSURES