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EUR/GBP Technical Analysis: Rejected Above 0.71 Figure

EUR/GBP Technical Analysis: Rejected Above 0.71 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7045, 0.6987, 0.6918
  • Resistance: 0.7081, 0.7140, 0.7187

The Euro struggled to hold on to gains after rising to close the weekly opening gap against the British Pound. Near-term support is at 0.7045, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the June 29 low at 0.6987. Alternatively, a move above the 23.6% Fib at 0.7081 clears the way for a test of the 38.2% retracement at 0.7140.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

--- 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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