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EUR/GBP Technical Analysis: Euro Hits Reset on Open Gap

EUR/GBP Technical Analysis: Euro Hits Reset on Open Gap

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7081, 0.7045, 0.6987
  • Resistance: 0.7140, 0.7187, 0.7235

The Euro has returned to levels prevailing before the sharp gap and subsequent upswing at the open of the trading week. Near-term resistance is at 0.7140, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 0.7187. Alternatively, a push below the 23.6% Fib at 0.7081clears the way for a test of the 14.6% retracement at 0.7045.

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.

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