The Euro is trying to extend its advance against the British Pound after prices broke above the top of a falling channel in play since late April. Resistance is now at 0.8133, the 61.8% Fibonacci expansion, with a break above that exposing the 50% level at 0.8157. Alternatively, a daily close below the 76.4% Fib at 0.8104 opens door for a test of the channel top at 0.8096, followed by the
Risk/reward considerations argue against entering long with prices sitting squarely at resistance. On the other hand, taking up the short side seems premature absent a defined bearish reversal signal. We will remain flat for now.