DailyFX.com -

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7904, 0.7860-73, 0.7783
  • Resistance:0.7984-97, 0.8074, 0.8136

The Euro moved higher against the British Pound as expected after prices produced in a bullish Morning Star candlestick pattern. A daily close above resistance in the 0.7984-97 area, marked by the 23.6% Fibonacci retracement and the August 1 high, exposes the 38.2% level at 0.8074. Alternatively, a turn back below trend line resistance-turned-resistance at 0.7904 clears the way for a challenge of the 0.7860-73 region, bracketed by the July 23 low and the 23.6% Fib expansion.

We are tactically opting not to pursue a long position, choosing not be long the Euro considering the ECB is shaping up to be the most dovish of the major central banks over the coming months. Rather, we will continue to monitor the upswing for opportunities to enter short.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/GBP Technical Analysis: Eyeing Resistance Near 0.80

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/GBP shoots to 0.7130 on Tsipras bailout

  2. Forex News

    SEB: EUR/GBP requires a move above 0.7126 to see further buying – eFXnews

  3. Forex News

    EUR/GBP recovers to 0.7083 on UK PMI

  4. Forex News

    EUR/GBP unperturbed near 0.7070 on PMIs

  5. Forex News

    EUR/GBP sidelines below 0.7100

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!