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EUR/GBP Technical Analysis: Key Range Top in Focus

EUR/GBP Technical Analysis: Key Range Top in Focus

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 resistance in the 0.8584-92 area, marked by the 61.8% Fibonacci expansion and a former support level dating back to mid-February, with a break above that targeting the 76.4% level at 0.8621.Near-term support is at 0.8568, the 50% Fib.

dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Key Range Top in Focus

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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