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EUR/GBP Technical Analysis: Euro Takes Aim at 0.80 Figure

EUR/GBP Technical Analysis: Euro Takes Aim at 0.80 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro recovery continues, prices extend to two-month high vs. British Pound
  • Gains appear corrective but actionable selling opportunity absent for now

The Euro is continues to push higher against the British Pound, rising to the highest level in nearly two months and threatening to expose the 0.80 figure. Prices launched upward as expected after finding support below the 0.76 threshold.

From here, a daily close above the 61.8% Fibonacci expansion at 0.7961 opens the door for a test of the 76.4% level at 0.8011. Alternatively, a reversal back below the 0.7621-28 area (50% Fib, horizontal pivot) clears a path to challenge the 0.7862-81 zone (resistance-turned-support, 38.2% expansion).

While recent gains continue to appear corrective within the context of a down trend in place since 2008, the absence of a defined bearish reversal signal argues against pulling the trigger on a short. Furthermore, Brexit worries continue to stoke erratic volatility. Holding flat seems most attractive for the time being.

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