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EUR/GBP Technical Analysis: Flat

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by , 02-13-2018 at 05:11 PM (73 Views)
          
   
EUR/GBP Technical Strategy: Flat

The Euro has struggled to make lasting headway against the British Pound but overall technical positing continues to point in favor of the upside. A seemingly clear Falling Wedge chart formation carries bullish implications, hinting the uptrend dating back to April 2017 may soon resume.

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Defining resistance comes in at 0.8924 (Wedge top, 23.6% Fibonacci retracement), with daily close above that paving the way for a test of the 50% level at 0.8997. Alternatively, a reversal back below the 0.8795-0.8806 area exposes the 0.8674-87 zone (January 25 low, 38.2% Fib expansion).

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