EUR/GBP Technical Analysis: Trend Support Holds Up
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- EUR/GBP Technical Strategy: Flat
- Support: 0.7079, 0.7055, 0.7013
- Resistance: 0.7152, 0.7197, 0.7234
The Euro resumed its move downward against the British Pound after brief pause to consolidate, with sellers poised to test May’s swing lows. A daily close above the 23.6% Fibonacci retracement at 0.7152 exposes the 38.2% level at 0.7197. Alternatively, a move below the June 23 low at 0.7079opens the door for a challenge of the May 27 bottom at 0.7055.
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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--- 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.