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EUR/GBP Technical Analysis: Resistance Above 0.77 in Focus

EUR/GBP Technical Analysis: Resistance Above 0.77 in Focus

2016-01-28 09:19:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro Breaks Resistance Above 0.76 Figure, Hints at Further Gains Ahead
  • Waiting for Sell Signal to Enter Short in Line with Long-Term Down Trend

The Euro looks set to resume its advance against the British Pound after prices pierced through chart resistance above the 0.76 figure. The pair is now poised to revisit 12-month highs that capped prices’ progress last week.

Near-term resistance is at 0.7708, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a challenge of the 38.2% level at 0.7821. Alternatively, a reversal back below resistance-turned-support at 0.7639, the 14.6% Fib, paves the way for a retest of the January 22 low at 0.7526.

The dominant long-term EUR/GBP trend continues to favor the downside. Our fundamental forecast expects this to continue, painting the current upswing as corrective. With that in mind, we will remain on the sidelines until an actionable selling opportunity presents itself.

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EUR/GBP Technical Analysis: Resistance Above 0.77 in Focus

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