EURGBP Classic Technical Report 08.13.2012
Prices declined after putting in a bearish Dark Cloud Cover candlestick pattern below resistance at 0.7950, the intersection of a falling trend line set late February and the May 16 swing bottom, taking out support lines up in the 0.7867 marked by the 23.6% Fibonacci expansion. Sellers now aim to challenge the 38.2% level at 0.7808, with a push beneath that targeting the 50% Fib at 0.7761. Alternatively, a push back above 0.7867 exposes trend line resistance at 0.7937.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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