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EUR/GBP: Euro Drops For Eighth Day

By ForexJun 16, 2014 05:12AM GMT Add a Comment
 
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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7955 (61.8% Fib exp.), 0.7908 (76.4% Fib exp.)
  • Resistance:0.7992 (50% Fib exp.), 0.8030 (38.2% Fib exp.)

The British pound continues its aggressive attack against the euro, with prices sinking below the 0.80 figure. Near-term support is marked by the 61.8% Fibonacci expansionat 0.7955, with a break below that on a daily closing basis exposing the 76.4% level at 0.7908. Alternatively, a move back above the 50% Fib at 0.8030 clears the way for a challenge of the 38.2% expansion 0.8030.

Current positioning does not offer an actionable trade setup. We will opt to remain on the sidelines for the time being, waiting for a more attractive opportunity to present itself.

EUR/GBP Daily Chart
EUR/GBP Daily Chart

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