EUR/GBP Short-Term Technical Outlook

Analysis

Currency Pair: EUR/GBP
Short-Term Bias: Short
Chart: 15 Min Charts

After finding support near 0.7848 (21.4% Fib level of 0.7755-0.8195), the EURGBP has bounced higher to hit an intraday high of 0.7979, but has lost momentum and may move back to the downside. The pair has failed once again to break above 0.8000 and, I expect the pair to work its way back into the downward trending channel over the next few hours. The RSI divergence supports a bearish outlook for the pair, and I anticipate the euro-pound to break below 0.7900 to test 0.7848 (21.4% Fib level of 0.7755-0.8195) for support over the next few days. Be sure to check out other Technical Reports from DailyFX for additional information on the major currency pairs.

DailyFX

Disclaimer

Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.