EURGBP Classic Technical Report 08.14.2012
Prices are resting support-turned-resistance at 0.7867, marked by the 23.6% Fibonacci expansion and a recently broken rising trend line set from the July 23 swing low. A break higher aims for falling trend line resistance set from the late-February top (0.7933) and the March 16 low at 0.7950. Near-term support is at 0.7808, the 38.2% Fib, with a break below that targeting the 50% expansion at 0.7761.
Daily Chart - Created Using FXCM Marketscope 2.0
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