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EUR/GBP Technical Analysis: Sellers Aim Below 0.70 Mark

EUR/GBP Technical Analysis: Sellers Aim Below 0.70 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.6985, 0.6930, 0.6876
  • Resistance: 0.7051, 0.7122, 0.7159

The Euro declined against the British Pound as expected after producing a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci expansion at 0.6985 exposes the 50% level at 0.6930. Alternatively, a reversal back above the 23.6% Fib at 0.7051 opens the door for a challenge of trend line resistance at 0.7122.

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: Sellers Aim Below 0.70 Mark

--- 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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