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EUR/GBP Technical Analysis: Rebound Signaled at Support

EUR/GBP Technical Analysis: Rebound Signaled at Support

2013-06-27 03:52:00
Ilya Spivak, Head Strategist, APAC
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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.

dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Rebound Signaled at Support

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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