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EUR/GBP Technical Analysis: Two-Week Down Trend Broken

EUR/GBP Technical Analysis: Two-Week Down Trend Broken

2017-01-31 12:18:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro breaks two-week down trend resistance, hints at gains ahead
  • Final profit booked on short position triggered above 0.86 figure

The Euro may be resuming its advance against the British Pound after prices broke above resistance capping gains over the past two weeks. The break suggests that the near-term rising trend established from early- to mid-December lows may be reasserting itself.

A daily close above the 23.6% Fibonacci expansion at 0.8597 opens the door for a challenge of the 38.2% level at 0.8677. Alternatively, a reversal back below the 14.6% Fib at 0.8548 paves the way for a retest of the January 26 low at 0.8468.

A short position was activated at 0.8604 and partial profit subsequently taken when prices hit the initial objective at 0.8484. The remainder of the trade was closed at 0.8557 after the falling trend line break was confirmed. Opting for the sidelines seems prudent from here until another opportunity presents itself.

Will the Euro continue to rise through the first quarter of 2017? See our forecast and find out!

EUR/GBP Technical Analysis: Two-Week Down Trend Broken

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