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EUR/GBP Technical Analysis: Short Position Now in Play

EUR/GBP Technical Analysis: Short Position Now in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.7040
  • Support: 0.6930, 0.6893, 0.6828
  • Resistance: 0.7039, 0.7088, 0.7169

The Euro turned lower against the British Pound, with sellers now poised to challenge support below the 0.70 figure. A daily close below the 0.6930-58 area (July 17 low, 38.2% Fibonacci expansion) exposes the 50% level at 0.6893. Alternatively, a turn back above the 23.6% Fib at 0.7039 opens the door for a challenge of the 14.6% expansion at 0.7088.

The long-term EURGBP down trend appears to be resuming and we will now enter short, initially targeting 0.6958. A stop-loss will be activated on a daily close above 0.7088. We will take profit on half of the trade and move the stop-loss to breakeven once the first objective is reached.

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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