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EUR/GBP Technical Analysis: Four-Month Uptrend Challenged

EUR/GBP Technical Analysis: Four-Month Uptrend Challenged

2017-04-07 09:50:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro treading water after hitting one-month low vs. British Pound
  • Congestive price action unattractive; waiting for clear-cut breakout

The Euro is digesting losses after touching a one-month low against the British Pound and challenging the bounds an uptrend dating back to December 2016. Prices established a top below the 0.88 figure with the formation of a bearish Dark Cloud Cover candlestick pattern, as expected.

Near-term support is at 0.8480 (trend line, March 31 low), with a daily close below that opening the door for a challenge of the February 22 bottom at 0.8403. Alternatively, a push above support-turned-resistance at 0.8605 (March 23 low) exposes a previously significant upside barrier at 0.8687.

Congestive price action offers no actionable trade signal to take on a trade at present. Opting for the sidelines seems most prudent for now, waiting for prices to clearly overturn the near-term down trend by breaking series of lower highs and lows from mid-March or push through trend line support.

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

EUR/GBP Technical Analysis: Four-Month Uptrend Challenged

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