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EUR/GBP Technical Analysis: 10-Month Double Top Broken

EUR/GBP Technical Analysis: 10-Month Double Top Broken

Ilya Spivak,

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro Rises to Touch Highest Level in Ten Months Against the British Pound
  • Waiting for Rebound to Fizzle to Enter Short in Line with Long-Term Trend

The Euro is in consolidation mode after rising to the highest level in ten months against the British Pound having found support in China-fueled risk aversion last week. Prices have now cleared double top resistance above the 0.74 figure that capped gains through most of 2015, hinting a larger advance may be in the cards.

A daily close above the 50% Fibonacci expansion at 0.7534 opens the door for a challenge of the 61.8% level at 0.7586. Alternatively, a move back below resistance-turned-support at 0.7461 paves the way for a test of the 23.6% Fib retracement at 0.7419.

The long-term EUR/GBP trend established in late 2008 continues to favor the downside. Our fundamental outlook sees this continuing through this year. With that in mind, we will look to any on-coming gains as corrective and wait for an attractive selling opportunity to present itself.

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