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EUR/GBP Technical Analysis: Pausing to Consolidate Above 0.73

EUR/GBP Technical Analysis: Pausing to Consolidate Above 0.73

Ilya Spivak,

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro Upswing Pauses to Consolidate Above 0.73 Figure vs. British Pound
  • Waiting for Short Trade Setup in Line With Long-Term EURGBP Trend

The Euro has paused to digest gains against the British Pound having spiked to touch the highest level in five months. The pair continued a corrective rebound initiated in mid-July after completing a Flag chart pattern two weeks ago.

Near-term resistance is at 0.7442, the 50% Fibonacci expansion. A break above that on a daily closing basis clears the way for a test of the 0.7482-0.7500 area, marked by the September 7 high and the 61.8% level. Alternatively, a move below the 14.6% Fib retracement at 0.7368opens the door for a challenge of the 23.6% threshold at 0.7322.

The long-term EURGBP trend has appeared bearish since lateDecember 2008. With that in mind, the current upswing appears to be corrective. As such, we will continue to stand aside for now and wait for the recovery to yield an actionable selling opportunity once upside momentum is exhausted.

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