EUR/GBP Long Trade Entered on Triangle Break
EUR/GBP Technical Strategy: Long at 0.8546, Targeting Above 0.8648
The formation of a Triangle chart preceded a breakout higher, as expected. Buyers now aim to challenge the 23.6% Fibonacci expansion at 0.8648 and we will enter long, aiming for a break above this barrier to expose the 38.2% level at 0.8803. A stop-loss will be activated on a daily close below 0.8494.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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