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EUR/GBP Technical Analysis: Pound Drops Most in 6 Years

EUR/GBP Technical Analysis: Pound Drops Most in 6 Years

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Talking Points:

The Euro raced upward against the British Pound having made good on bullish technical cues and established a bottom below 0.70 as expected. The currency has now claimed a foothold above the 0.72 figure having issued the largest daily advance since March 2009.

Looking ahead, a daily close above the 50% Fibonacci retracement at 0.7238 opens the door for a challenge of the 61.8% level at 0.7298. Alternatively, a reversal below the 38.2% Fib at 0.7177 paves the way for a retest of the 23.6% retracement at 0.7103.

The dominant EUR/GBP trend continues to favor the downside. With that in mind, we will treat this upswing as a future selling opportunity, waiting for an actionable signal suggesting the correction has been exhausted to enter short. In the interim, we remain on the sidelines.

Losing Money Trading Forex? This Might Be Why.

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