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EUR/GBP Technical Analysis: Euro Drops to 1-Month Low

EUR/GBP Technical Analysis: Euro Drops to 1-Month Low

Ilya Spivak,

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Talking Points:

The Euro dropped to the lowest level in over a month against the British Pound, with prices losing their grip on the 0.88 figure. The pickup in volatility mirrored gyrations across global financial markets in the aftermath of the US presidential election that delivered an unexpected victory to Donald Trump.

From here, a daily close below the 50% Fibonacci retracement at 0.8780 opens the door for a test of the 61.8% level at 0.8674. Alternatively, a reversal back above the 38.2% Fib at 0.8885 paves the way for a challenge of the November 2 high at 0.9049.

The entry order established to sell EUR/GBP at 0.8994 was activated and profits were booked on half of the position at 0.8885, the trade’s initial objective. Remaining exposure continues to be in play, looking to capture further weakness. The stop-loss has been trailed to breakeven.

What fundamental trends will impact the Euro and Pound through year-end? Find out here !

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