TECHNICAL FORECAST FOR EUR/GBP: BEARISH
EUR/GBP DAILY PRICE CHART
EUR/GBP ATTEMPTS TO SET FOOTING AFTER TUMULTUOUS SELL-OFF
The normally sleepy pair of EUR/GBP has been abnormally active so far in early 2021 trade, driven by a growing divide between the UK and Europe around vaccine progress. The pair did finally start to probe some support a few weeks ago that’s since helped to hold the lows, and this plots around the 78.6% Fibonacci retracement of last year’s major move.
But sellers have remained very persistent, and this opens up a couple of interesting possibilities given that support is still, as of this writing, in place. First, traders can approach the setup with breakout potential in mind, looking for a breach of Fibonacci support to lead into a possibly new bearish trend . Or, alternatively, a pullback to find resistance around a prior area of support could re-open the door for bearish trend strategies. This could be sought around the 61.8% Fibonacci retracement of that same major move that had helped to set support in early-February.
This can keep the focus for the pair on the bearish side, looking for the British Pound to continue to outperform the Euro .
We are looking at sell position for a target @ £(0.83011) with our stoploss above £(0.8838) Fibonacci Retracement
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