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EUR/GBP Technical Analysis: Price Soar to Range Top

EUR/GBP Technical Analysis: Price Soar to Range Top

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis – Prices advanced as expected after completing a bullish Piercing Line candlestick pattern above support at 0.8475, a horizontal shelf reinforced by rising trend lines set from late April. Buyers are now testing above the 50% Fibonacci expansion to take aim at resistance in the 0.8584-92 area, with a break above that targeting the 76.4% level at 0.8621. Near-term support is at 0.8545, the 38.2% Fib, followed by the 23.6% expansion at 0.8515.

dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Price Soar to Range Top

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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