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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • 🇺🇸 MBA Mortgage Applications Actual: -3.9% Previous: 2.7% https://www.dailyfx.com/economic-calendar#2020-06-03
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.32%, while traders in US 500 are at opposite extremes with 74.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/N9nEe5rIKW
  • Heads Up:🇺🇸 MBA Mortgage Applications due at 11:00 GMT (15min) Previous: 2.7% https://www.dailyfx.com/economic-calendar#2020-06-03
  • Heads Up:🇵🇱 Interest Rate Decision due at 11:00 GMT (15min) Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-06-03
  • The Mexican Peso rally has taken USD/MXN below a key support pivot in price and leaves the pair vulnerable to further losses heading into June trade. Get your $USDMXN technical analysis from @MBForex here:https://t.co/lhWwu2KbbN https://t.co/rmF3tIIWgr
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.36% Gold: -0.46% Silver: -0.95% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rdzI01Ofxb
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.50% 🇪🇺EUR: 0.37% 🇬🇧GBP: 0.29% 🇨🇭CHF: -0.02% 🇨🇦CAD: -0.07% 🇯🇵JPY: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Rt6n2U0KMl
  • USD/CAD suffered a bearish break beneath horizontal support last week which allowed further losses. Get your $USDCAD market update from @PeterHanksFX here: https://t.co/4malw68jqD https://t.co/T8uZrKGf5c
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.61% France 40: 2.28% FTSE 100: 1.47% Wall Street: 0.73% US 500: 0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mAuLbs6dXS
  • BoE's Bailey asks banks to step up plans for UK to leave the EU without a trade deal - Sky
EUR/GBP Technical Analysis: Post-Brexit Swing High Under Fire

EUR/GBP Technical Analysis: Post-Brexit Swing High Under Fire

2017-08-29 00:30:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Euro advance meets key swing high set in October 2016 vs British Pound
  • Break higher exposes Fibonacci expansion resistance above the 0.93 figure

The Euro continues to march highest against the British Pound, with prices poised to probe above the 0.93 figure after clearing another layer of chart resistance. The current juncture is made all the more defining by the presence of the swing high established in the months following the Brexit referendum.

From here, a daily close above the 61.8% Fibonacci expansion at 0.9311 opens the door for a challenge of the 76.4% level at 0.9411. Alternatively, a reversal back below the 50% Fib at 0.9231 – now recast as support – paves the way for a retest of 0.9150 (38.2% expansion, rising trend line).

Chasing prices upward seems unattractive. The swing high set in October 2016 looms large at 0.9270, cutting into the available trading range and skewing risk/reward parameters against a long trade. At the same time, the absence of a bearish reversal signal argues against a short position. For now, staying flat seems best.

What do retail traders’ buy/sell decisions hint about Euro and British Pound trends? Find out here!

EUR/GBP Technical Analysis: Post-Brexit Swing High Under Fire

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

DISCLOSURES

News & Analysis at your fingertips.