Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
EUR/GBP Technical Analysis: Key Support Shelft Broken

EUR/GBP Technical Analysis: Key Support Shelft Broken

Ilya Spivak,

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/GBP Technical Strategy: Pending short at 0.8461
  • Euro breaks support shelf, drops to 2-month low vs. British Pound
  • Short-term upswing may tilt risk/reward enough to enter short trade

The Euro dropped to the lowest level in two months against the British Pound, breaking a long-standing support shelf and hinting at deeper losses ahead. Sellers now look poised to challenge double bottom support that has capped progress to the downside since early September 2016.

A daily close below the 0.8334-70 area (double bottom, 50% Fib expansion) opens the door for a challenge of the 61.8% level at 0.8257. Alternatively, a reversal back above the 38.2% Fib at 0.8484 paves the way for a retest of rising trend line support-turned-resistance, now at 0.8559.

A short position triggered at 0.8462 was stopped out as prices swung upward to retest the underside of broken trend support. Sellers appear to have wrestled back control however. With that in mind, an order has been set to re-enter short at 0.8461. If triggered, the position will initially target 0.8370.

What makes EUR/GBP one of the top DailyFX trades for 2017? See our forecast and find out!

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