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EUR/GBP Technical Analysis: Holding Short as BOE Looms

EUR/GBP Technical Analysis: Holding Short as BOE Looms

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Talking Points:

The Euro continues to sink against the British Pound, with prices working on a third consecutive decline and probing the lowest levels since mid-August. The pair turned after finding resistance below 0.75 as expected, with the durability of downward momentum now set to be tested by major event risk as the BOE policy announcement looms ahead.

Near-term support is at 0.7050, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a challenge of the 76.4% level at 0.7003. Alternatively, a move back above the 50% Fib at 0.7088 clears the way for a test of the 38.2% expansion at 0.7126.

We sold EUR/GBP at 0.7325 and then booked profit on half of the trade after our first objective was met. The remainder of the position continues to be in play to take advantage of continued weakness. The stop-loss has been adjusted 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.