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: Four-Month Uptrend Challenged

EUR/GBP Technical Analysis: Four-Month Uptrend Challenged

Ilya Spivak,

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

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!

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