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EUR/GBP Technical Analysis: Critical Trend Line in Focus

EUR/GBP Technical Analysis: Critical Trend Line in Focus

Ilya Spivak,

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Talking Points:

The Euro continues to slide against the British Pound, with prices breaching the 0.85 figure to hit the lowest level in two months. Positive RSI divergence hints the down move may be running out of steam but a clear-cut upside reversal signal is crucially absent, at least for now.

From here, a daily close below rising trend line support, now at 0.8463, opens the door for a test of the September 6 low at 0.8334. Alternatively, a turn back above the 76.4% Fibonacci retracement at 0.8544 sees the next upside barrier at 08674, the 61.8% level.

A short EUR/GBP position was set to activate at 0.8994. The trade was picked up and partial profit was booked after hitting the first profit target. Remaining exposure continues to be in play to capture subsequent losses. The stop-loss is now at the breakeven level.

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.