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EURGBP Classic Technical Report 08.31.2012

EURGBP Classic Technical Report 08.31.2012

Ilya Spivak, Head Strategist, APAC

Prices took out resistance at a falling trend line set from the late-February top, with the bulls now challenging the 0.7950-85 area. A break above that sees the next upside barrier at 0.8124. The trend line, now at 0.7873, has been recast as near-term support. A push back below that targets swing lows at 0.7812 and 0.7751.

EURGBP_Classic_Technical_Report_08.31.2012_body_Picture_5.png, EURGBP Classic Technical Report 08.31.2012

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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