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EUR/GBP Technical Analysis: Struggling to Break 0.71 Figure

EUR/GBP Technical Analysis: Struggling to Break 0.71 Figure

Ilya Spivak,

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Talking Points:

The Euro dipped to the lowest level in eleven weeks against the British Pound but prices failed to secure a confirmed break of chart support near the 0.71 figure. The pair is attempting to extend a down move initiated by the formation of a bearish Dark Cloud Cover candlestick pattern, as expected.

A daily close below the 23.6% Fibonacci expansion at 0.7117 clears the way for a test of the next downside barrier at 0.7066, the 38.2% level. Alternatively, a move above the 14.6% Fib at 0.7148 – now recast as resistance – opens the door for a challenge of the October 30 high at 0.7199.

We entered short EUR/GBP at 0.7325 and subsequently took profit on half of the position. The rest of the trade remains in play to capture any further on-coming weakness. The stop-loss has been trailed to the breakeven level.

Losing Money Trading Forex? This Might Be Why.

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