EUR/GBP Technical Analysis: Sideways Trading Continues

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7889, 0.7861, 0.7833
  • Resistance:0.7914-24, 0.7971, 0.8033

The Euro remains in consolidation mode against the British Pound after finding interim support below the 0.79 figure. Near-term support is at 0.7889, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 0.7861. Alternatively, a reversal back above the 0.7914-24 area, marked by the July 7 low and the 23.6% Fib, clears the way for a move to support-turned-resistance at 0.7971, the June 13 low.

The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable trade setup to emerge.

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

EUR/GBP Technical Analysis: Sideways Trading Continues

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD Weakness Sets in as GBP Extends, Readies for Gains

  2. Forex News

    EUR/GBP jumps to fresh highs at 0.7170 on UK data

  3. Forex News

    EUR/GBP recovers from the session low

  4. Forex News

    EUR/GBP keeps range circa 0.7140

  5. Forex News

    EUR/GBP: Plenty of risk ahead in FOMC

Trading Center