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EUR/GBP Technical Analysis: Sellers Break Key Trend Line

EUR/GBP Technical Analysis: Sellers Break Key Trend Line

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis – Prices edged past support at a rising trend line set from late April to challenge the 61.8% Fibonacci retracement at 0.8474. A break beneath that targets the 76.4% level at 0.8444. The trend line, now at 0.8490, has been recast as near-term resistance. A reversal above that and the 50% Fib at 0.8497 eyes the 38.2% retracement at 0.8521.

dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Sellers Break Key Trend Line

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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