EUR/GBP Technical Analysis: Support Sub-0.71 in Focus
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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 is waiting for direction cues having stalled at a trend line limiting losses against the British Pound since mid-March. Near-term support is at 0.7079 (trend line, June 23 low), with a break below that on a daily closing basis exposing the May 27 bottom at 0.7055. Alternatively, a push above 23.6% Fibonacci retracement at 0.7152clears the way for a test of the 38.2% level at 0.7197.
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.