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EURGBP Classic Technical Report 10.05.2012

EURGBP Classic Technical Report 10.05.2012

Ilya Spivak, Head Strategist, APAC

Prices took out resistance at 0.8008, the 23.6% Fibonacci expansion, with buyers now aiming to challenge the 38.2% level at 0.8060. A break above that barrier exposes the 50% Fib at 0.8104. The 0.8008 level has been recast as support, with a reversal back below that aiming for support at 0.7950.

EURGBP_Classic_Technical_Report_10.05.2012_body_Picture_5.png, EURGBP Classic Technical Report 10.05.2012

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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