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EURGBP Classic Technical Report 10.22.2012

EURGBP Classic Technical Report 10.22.2012

Ilya Spivak, Head Strategist, APAC

Prices followed a break of minor resistance at 0.8095 with a push through the 50% Fibonacci retracement at 0.8128, exposing the 61.8% level at 0.8217. An advance above that opens the door for a challenge of the 0.83 figure and the 76.4% Fib at 0.8327. The 0.8095-0.8128 area has been recast as near-term support, with a drop back below that exposing the 38.2% retracement at 0.8039 and a rising trend line set from the late-July swing bottom (0.8017).

EURGBP_Classic_Technical_Report_10.22.2012_body_Picture_5.png, EURGBP Classic Technical Report 10.22.2012

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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