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EUR/GBP Technical Analysis: Range Top Back in Play

EUR/GBP Technical Analysis: Range Top Back in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro scores longest win streak in two months familiar range remains
  • Topping signal sought to trade short in line with dominant trend bias

The Euro is enjoying the longest winning streak in two months against the British Pound but prices continue to struggle break free for a now-familiar range. A break of rising trend support in mid-November continues to suggest that the dominant trend bias favors weakness.

From here, a daily close above the 23.6% Fibonacci retracement at 0.8533 opens the door for a test of the 0.8642-73 area (trend line, 38.2% level). Alternatively, a turn back below the 14% Fib at 0.8446 paves the way for another challenge of the 23.6% Fib expansion at 0.8344.

An actionable trade setup is not readily apparent at this point. The absence of a clearly defined bearish reversal signal argues against fading recent strength while prices are too close to justify a tactical long position from a risk/reward perspective. On balance, opting for the sidelines seems most prudent.

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