EUR/GBP Technical Analysis: Breakdown Confirmation Pending
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7225, 0.7174, 0.7124
- Resistance: 0.7287, 0.7326, 0.7388
The Euro is a attempting to clear a path toward support below the 0.72 figure against the British Pound. A daily close below the 38.2% Fibonacci retracement at 0.7261 exposes the 50% level at 0.7221. Alternatively, a move above the 38.2% Fib expansion at 0.7391opens the door for a challenge of the 50% threshold at 0.7430.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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--- 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.