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EUR/GBP Technical Analysis: French Election Gap Closed

EUR/GBP Technical Analysis: French Election Gap Closed

Ilya Spivak,

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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.8497
  • Euro drops to close French election gap vs. British Pound
  • Overall setup continues to hint a major top may be in place

The Euro is waiting to make it next move after declining to close the price gap against the British Pound created by the first round of the French presidential election. Longer-term positioning continues to suggest that a large Head and Shoulders top may be in place.

A daily close below the February 22 low at 0.8403 opens the door for a test of the 0.8334-50 area (triple bottom, 38.2% Fibonacci expansion). Alternatively, a reversal back above the 14.6% level at 0.8462 sees the next upside barrier at 0.8531, the April 26 high.

A short EUR/GBP position was activated at 0.8497, initially targeting 0.8403. A stop-loss will be triggered on a daily close above 0.8480. Profit on half of open exposure will be booked and the stop moved to the breakeven level when the first objective is reached.

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.