Forex Analysis: EURGBP Classic Technical Report 10.31.2012
Prices are edging higher from support at a rising trend line set from late July (0.8026), a barrier reinforced by the 38.2%Fibonacci retracement at 0.8006. Resistance lines up at 0.8066, the 23.6% Fib. A break above that aims for 0.8095 and 0.8164. Alternatively, a reversal below support exposes the 0.7950-57 area marked by the May 16 low and the 50% retracement.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE