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Talking Points:
- EUR/GBP Technical Strategy: Short at 0.7850
- Support: 0.7802, 0.7740, 0.7663
- Resistance: 0.7864, 0.7902, 0.7941
The Euro continues to edge downward against the British Pound, with prices falling for a sixth consecutive day. Near-term support is at 0.7802, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.7740. Alternatively, a reversal above the 38.2% Fib at 0.7864 clears the way for a challenge of triangle floor support-turned-resistance at 0.7902.
We entered short EURGBP at 0.7850, initially targeting 0.7802. A stop-loss has been set to trigger on a daily close above 0.7898. We will book on half of the trade and move the stop-loss to breakeven once the first target is met.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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