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EUR/GBP Technical Analysis: Oscillating in Choppy Range

EUR/GBP Technical Analysis: Oscillating in Choppy Range

Ilya Spivak,

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro Oscillating in Choppy Range Below 0.74 Figure vs. British Pound
  • Absence of Defined Trade Signal Argues Against Taking Trade for Now

The Euro continues to consolidate in a choppy range below the 0.74 figure against the British Pound as prices await new direction cues. Prices have been stuck in familiar territory for over two weeks having stalled after spiking to the highest level in nearly four months.

Range support is in the 0.72223-45 area, marked by the August 31 low and the July 8 high. A daily close below that opens the door for a test of resistance-turned-support at 0.7160, the July 27 swing top. Alternatively, a push above the 0.7388-96 area, bracketed by the June 9 peak and the 38.2% Fibonacci expansion, clears the way for a challenge of the 50% level at 0.7443.

Positioning is inconclusive at this point. Prices are sitting near the middle of the range, with no clear-cut signal arguing in favor of taking up the long or short side. With that in mind, we will remain flat for now and wait for the pair to present a more compelling opportunity.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.