EUR/GBP Technical Analysis – Prices put a bullish Piercing Line candlestick pattern above support at 0.8475, a horizontal shelf reinforced by rising trend lines set from late April. The setup hints a move higher may be ahead, with buyers seeing initial resistance at 0.8515 marked by the 23.6% Fibonacci retracement. A break above that aims for the 38.2% level at 0.8545.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.