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EUR/GBP Technical Analysis: Setting Double Top Below 0.87?

EUR/GBP Technical Analysis: Setting Double Top Below 0.87?

Ilya Spivak,

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro may be carving out double top below 0.87 figure vs. Pound
  • Absence of reversal confirmation argues against triggering a trade

The Euro may be in the process of establishing a bearish Double Top chart pattern against the British Pound after prices rose to challenge one-month highs. The appearance of a Shooting Star candlestick pattern points to indecision and warns that a reversal lower may be brewing ahead.

Near-term support is at 0.8491, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a retest of rising trend line support at . Alternatively, a push above the 38.2% level at 0.8641 paves the way for a challenge of the 50% Fib at 0.8762.

The Shooting Star candle is an insufficient directional signal by itself without further confirmation, warning that entering a short trade is premature for now. With that in mind, opting for the sidelines seems most prudent until a more concrete setup emerges.

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

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