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EUR/GBP Technical Analysis: Resistance Near 0.71 in Focus

EUR/GBP Technical Analysis: Resistance Near 0.71 in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7038, 0.6997, 0.6930
  • Resistance: 0.7105, 0.7159, 0.7213

The Euro sees resistance near the 0.71 figure against the British Pound after finding interim support above 0.69 threshold. Near-term resistance is at 0.7105, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 0.7159. Alternatively, a move below the 23.6% Fib at 0.7038 clears the way for a test of the 14.6% retracement at 0.6997.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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

EUR/GBP Technical Analysis: Resistance Near 0.71 in Focus

--- 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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