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EUR/GBP Technical Analysis: Eyeing Resistance Above 0.79

EUR/GBP Technical Analysis: Eyeing Resistance Above 0.79

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro breaks monthly channel resistance, hints at move above 0.79 vs. Pound
  • Dominant long-term trend still points downward, painting gains as corrective

The Euro is attempting to rebuild upside momentum against the British Poundafter prices found support above the 0.77 figure. The pair has broken out of the falling channel established from swing highs set in early April, seemingly shifting the near-term bias back in favor of the upside.

A daily close above the 38.2% Fibonacci expansion at 0.7913 opens the door for a challenge of the 50% level at 0.7968. Alternatively, a reversal back below the 23.6% Fib at 0.7845 clears the way for a test of the 14.6% expansion at 0.7803.

Our entry order to sell EUR/GBP at 0.7800 was triggered but prices subsequently stopped out the position on a close above 0.7849. We will move to the sidelines from here, waiting for another opportunity to sell in line with the long-term down trend when the opportunity to do so presents itself.

What do DailyFX analysts expect from the Euro and Pound in 2016? Find out here !

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