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EUR/GBP Technical Analysis: Euro Hits 1-Year High vs. Pound

EUR/GBP Technical Analysis: Euro Hits 1-Year High vs. Pound

Ilya Spivak,

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro Stalls Below 0.77 Figure vs. Pound After Hitting Highest Level in a Year
  • Waiting for Clear Signal to Enter Short in Line with Long-Term Down Trend

The Euro paused to digest gains below the 0.77 figure against the British Pound after prices advanced to the strongest level in a year.The appearance of a Hanging Man candlestick hints at indecision that may ultimately pave the way for a pullback, but confirmation is absent for the time being.

Initial support lines up at 0.7578, the 23.6% Fibonacci expansion, with reversal below that on a daily closing basis opening the door for a test of the 14.6% level at 0.7526. Alternatively, a push above the 38.2% Fib at 0.7662 clears the way for a challenge of the 50% expansion at 0.7729.

The long-term EUR/GBP trend continues to favor the downside. Our fundamental outlook suggests this is likely to remain the case, painting recent gains as corrective. With that in mind, we will remain on the sidelines for now and wait for the upswing to yield an actionable selling opportunity.

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