EURGBP Classic Technical Report 08.22.2012
Prices took out resistance at 0.7867, the 23.6% Fibonacci expansion, with the bulls now challenging a falling trend line set from the late-February top (0.7907). A break above this boundary marks a meaningful near-term trend reversal and initially targets 0.7950. The 0.7867 has been recast as support, with a drop back below that aiming for the 38.2% Fib at 0.7808.
Daily Chart - Created Using FXCM Marketscope 2.0
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