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EUR/GBP Technical Analysis: Rebound Capped Above 0.72

EUR/GBP Technical Analysis: Rebound Capped Above 0.72

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7164, 0.7128, 0.7062
  • Resistance: 0.7235, 0.7293, 0.7388

The Euro paused to digest gains after recovering to the highest level in a month against the British Pound. A daily close above the 61.8% Fibonacci retracementat 0.7235 exposes the 76.4% level at 0.7293. Alternatively, a reversal below the 14.6% Fib expansion at 0.7164 opens the door for a challenge of the 23.6% threshold at 0.7128.

The available trading range is too narrow to justify entering a trade in line with our long-term Euro outlook 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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EUR/GBP Technical Analysis: Rebound Capped Above 0.72

--- 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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