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- EUR/GBP Technical Strategy: Flat
- Support: 0.8126 (falling trend line)
- Resistance:0.8190 (23.6% Fib ret.), 0.8200, 0.8230 (38.2% Fib ret.)
The Euro paused after launching a recovery against the British Pound having found support at a falling trend line connecting major swing lows since late January. Resistance is in the 0.8190-0.8200 area, marked by the 23.6% Fibonacci retracement and a recently broken range floor. A push above that on daily closing basis exposes the 38.2% level at 0.8230. Trend line support is now at 0.8126.
Current positioning doesn’t offer an attractive trading opportunity on the long or short side of the argument. As such, we will remain on the sidelines, waiting for a more actionable setup to present itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com