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Talking Points:
- EUR/GBP Technical Strategy: Flat
- Euro remains locked in consolidation range above 0.75 vs. British Pound
- Looking for BOE rate decision to help engineer a break, offer trade setup
The Euro remains locked in a narrow consolidation range above the 0.72 figure against the British Pound, with the outlines of a descending Triangle pattern hinting at a downside bias.Confirmation of the bearish scenario requires a clear-cut break through Triangle support on a daily closing basis.
A move below the January 22 low at 0.7526 opens the door for a test of the 38.2% Fibonacci retracement at 0.7460. Alternatively, a push above Triangle resistance exposes the 23.6% Fib expansion at 0.7708, followed by the 38.2% threshold at 0.7821.
An actionable EUR/GBP trade setup is absent for the time being. The longer-term trend favors the downside but entering short here seems ill-advised as high-impact event risk by way of the BOE monetary policy announcement threatens to unravel technical positioning. With that in mind, we will wait on the sidelines for a more attractive opportunity to present itself.
Is the Euro behaving as DailyFX analysts expected? See our quarterly forecast to find out!
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