Talking Points:
- EUR/GBP Technical Strategy: Short at 0.7341
- Support: 0.7097, 0.7028, 0.6944
- Resistance: 0.7150, 0.7183, 0.7234
The Euro may be preparing to advance against the British Pound after putting in a bullish Morning Star candlestick pattern. Near-term resistance is at 0.7150, the 23.6% Fibonacci retracement, with a break above that exposing falling trend line resistance at 0.7183. Alternatively, a turn below the 14.6% retracement at 0.7097 clears the way for a challenge of the 76.4% Fib expansion at 0.7028.
We sold EUR/GBP at 0.7341 and subsequently booked profit on half of the position. The remainder of the positioning remains open to capture any further downward momentum. The stop-loss has been trailed to the breakeven level (0.7341).
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