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: Sellers Challenge 4-Month Support

EUR/GBP Technical Analysis: Sellers Challenge 4-Month Support

Ilya Spivak,

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro descends to four-month trend support vs. British Pound
  • Behavior here likely to be formative for near-term direction

The Euro finds itself at a critical cross-roads as prices test support guiding the move higher against the British Pound since December 2016. Behavior here will help establish if the expected topping below the 0.88 figure marked a near-term pull-back or a larger downward trend reversal.

From here, a daily close below the 0.8469-80 area (trend line, March 31 low) paves the way for a challenge of the February 22 bottom at 0.8403. Alternatively, a move back above support-turned-resistance at 0.8605 (March 23 low) targets a chart inflection point at 0.8687.

Needless to say, positioning is inconclusive at this point. On one hand, a breakdown has not been confirmed and entering short with prices sitting squarely on support is unattractive from a risk/reward perspective. On the other, a bullish reversal signal is absent. Staying flat seems most prudent for now.

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.