EUR/GBP Technical Analysis: Support Found Below 0.79

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 found interim support below the 0.79 figure against the British Pound after prices sank to the lowest level in two years. 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: Support Found Below 0.79

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

This entry was posted in Binary Options Signals Related News and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *