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EURGBP Classic Technical Report 09.28.2012

EURGBP Classic Technical Report 09.28.2012

2012-09-28 03:49:00
Ilya Spivak, Head Strategist, APAC
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Prices edged below the 38.2% Fibonacci retracement at 0.7975 to challenge support at a rising trend line set from late July, a barrier reinforced by a horizontal pivot level at 0.7950. A break below the latter boundary on a daily closing basis initially exposes the 61.8% Fib at 0.7889. Initial resistance lines up in the 0.7975-0.80 area, with a push above that targeting the 23.6% retracement 0.8028.

EURGBP_Classic_Technical_Report_09.28.2012_body_Picture_5.png, EURGBP Classic Technical Report 09.28.2012

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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