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EUR/GBP Technical Analysis: Rally Rejected at 0.87 Figure

EUR/GBP Technical Analysis: Rally Rejected at 0.87 Figure

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis – Prices completed a Bearish Engulfing candlestick pattern below the 0.87 figure, hinting at further weakness ahead. Sellers now aim to challenge the 38.2% Fibonacci retracement at 0.8590, with a break below that exposing the 50% mark at 0.8553. Alternatively, a reversal back above the 23.6% retracement at 0.8636 aims for the July 17 high at 0.8710.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Rally Rejected at 0.87 Figure

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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