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EUR/GBP Technical Analysis: Digesting Near 4-Month Low

EUR/GBP Technical Analysis: Digesting Near 4-Month Low

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Euro is consolidating in a narrow range against the British Pound after falling to the lowest level in nearly four months. The appearance of positive RSI divergence hints at ebbing selling pressure and suggests that a corrective recovery may be in the cards ahead.

A push above the 38.2% Fibonacci retracement at 0.7683 sees the next upside barrier at 0.7748, a former support level now recast as resistance.Alternatively, a break of the 50% level at 0.7549 confirmed on a daily closing basis clears the way for a test of the 61.8% Fib at 0.7415.

EUR/GBP was sold at 0.7876 and prices have subsequently hit the trade’s initial target, triggering partial profits to be taken while the stop-loss was adjusted to breakeven. As of now, any on-coming gains from here will be looked at in the context as an opportunity to add to short exposure.

Losing money trading EUR/GBP? This might be why.

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

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