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Talking Points:
- EUR/GBP Technical Strategy: Flat
- Support: 0.7081, 0.7045, 0.6987
- Resistance: 0.7140, 0.7187, 0.7235
The Euro gapped sharply lower against the British Pound but swiftly recovered to place prices back within familiar territory. A daily close above the 38.2% Fibonacci retracement at 0.7140 exposes the 50% level at 0.7187. Alternatively, a move below the 23.6% Fib at 0.7081opens the door for a challenge of the 14.6% retracement at 0.7045.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com