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EUR/GBP Technical Analysis: Euro Soars to 15-Month High

EUR/GBP Technical Analysis: Euro Soars to 15-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro resumes uptrend after consolidation, hits 15-month high vs. British Pound
  • Chart positioning, risk/reward parameters argue against taking a trade for now

The Euro broke upward out of a narrow consolidation range, with prices advancing to the highest level in 15 months against the British Pound. Buyers reclaimed a foothold above the 0.90 figure in the aftermath of the latest Bank of England monetary policy announcement.

A daily close above the 23.6% Fibonacci expansion at 0.9051 paves the way for a challenge of the 38.2% level at 0.9150. Alternatively, a reversal back below the 14.6% Fib at 0.8990 opens the door for a retest of resistance-turned-support at 0.8923.

Prices are positioned squarely at resistance, making a long trade unattractive from a risk/reward perspective. On the other hand, the absence of a clearly defined bearish reversal signal argues against taking up the short side. Staying on the sidelines seems most prudent for the time being.

What are the forces driving longer-term Euro and British Pound trends? Find out here !

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