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EUR/GBP Technical Analysis: Euro Hits Key 3-Month Support Shelf

EUR/GBP Technical Analysis: Euro Hits Key 3-Month Support Shelf

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/GBP Technical Strategy: Short at 0.8893
  • Euro turns lower as expected, hits lowest in over 3 months vs. British Pound
  • Partial profit booked on short, remainder in play to capture further weakness

The Euro turned lower against the British Pound after finding resistance below the 0.91 figure as expected, with prices challenging support that has capped losses since mid-July. The drop followed an ECB monetary policy announcement that proved to be more dovish than markets anticipated.

Near-term support is in the 0.8743-53 area (50% Fibonacci expansion, July 14 low), with a daily close below that clearing the way for a challenge of the 61.8% level at 0.8687. Alternatively, a turn back above the 38.2% Fib at 0.8819 opens the door for a retest of support-turned-resistance at 0.8895.

The short EUR/GBP trade activated at 0.8893 hit its initial profit target and profit on half of open exposure has been booked. The rest of the position remains open to capture any follow-on weakness. The stop-loss has been adjusted to the breakeven level.

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EUR/GBP Technical Analysis: Euro Hits Key 3-Month Support Shelf

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