Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/GBP Technical Analysis: 2-Month Resistance at Risk

EUR/GBP Technical Analysis: 2-Month Resistance at Risk

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7105, 0.7038, 0.6997
  • Resistance: 0.7159, 0.7240, 0.7280

The Euro continued to correct higher against the British Pound, rising to the strongest level in two weeks. A daily close above the 50% Fibonacci retracement at 0.7159 exposes the 0.7213-40 area (61.8% level, trend line). Alternatively, a turn below the 38.2% Fib at 0.7105 opens the door for a challenge of the 23.6% retracement at 0.7038.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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

EUR/GBP Technical Analysis: 2-Month Resistance at Risk

--- 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.

DISCLOSURES