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Talking Points:
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EUR/GBP Technical Strategy: Short at 0.7850
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Support: 0.7740 0.7663 0.7539
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Resistance: 0.7802 0.7864 0.7904
The British Pound looks poised to continue its march higher against the Euro after prices breached the 0.78 figure. A daily close below the 0.7740-51 area marked by the 61.8% Fibonacci expansionand the July 2012 low exposes the 76.4% level at 0.7663. Alternatively a turn above the 50% Fib at 0.7802 clears the way for a challenge of the 38.2% expansion at 0.7864.
We sold EURGBP at 0.7850and have since taken profit on half of our exposure. The remainder of the trade is open to capture any further downside momentum. The stop-loss is now at the breakeven level (0.7850).
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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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