EUR/GBP Technical Analysis: Slow Down-drift Continues
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7124, 0.7061, 0.6961
- Resistance: 0.7174, 0.7225, 0.7287
The Euro continues to edge downward against the British Pound, with prices sliding to the weakest level in a month. Near-term support is at 0.7124, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.7061. Alternatively, a push above the 50% Fib at 0.7174clears the way for a test of the 38.2% threshold at 0.7225.
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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--- 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.