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EUR/GBP Technical Analysis: Trying to Clear Path Below 0.84

EUR/GBP Technical Analysis: Trying to Clear Path Below 0.84

2016-11-18 10:13:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.8994
  • Euro sinks to 2-month low vs. Pound, aims to clear path below 0.84
  • Short trade in play as prices try to extend worst drop in almost 2 years

The Euro has dropped to the lowest level in two months against the British Pound, with prices attempting to clear a path below the 0.84 figure. Renewed selling pressure follows the worst two-week decline since January 2015 for the single currency.

Near-term support is now at 0.8544, the 76.4% Fibonacci retracement, with a break below that on a daily closing basis opening the door for a test of double bottom support at 0.8331. Alternatively, a reversal back above the 61.8% level at 0.8674 paves the way for a challenge of the 50% Fib at 0.8780.

A short EUR/GBP trade was set up to trigger at 0.8994. The trade has subsequently hit its first objective and partial profit has been taken. The rest of the position remains in play to capture follow-on weakness and will be unwound on a discretionary basis. The stop-loss has been adjusted to the breakeven level.

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

EUR/GBP Technical Analysis: Trying to Clear Path Below 0.84

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