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EUR/GBP Technical Analysis: Familiar Pivot Support Tested

EUR/GBP Technical Analysis: Familiar Pivot Support Tested

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis – Prices are testing support in the 0.8583-90 area marked by a horizontal pivot dating back to mid-February and the 38.2% Fibonacci retracement. A break below that aims for the 50% level at 0.8553. Near-term resistance is at 0.8636, the 23.6% Fib. The weekly chart seems to outline the makings of a short trade setup, though confirmation is absent for the time being.

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

dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Familiar Pivot Support Tested

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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