Forex Analysis: EURGBP Classic Technical Report 11.09.2012
Prices broke support at 0.8006, the 38.2% Fibonacci retracement, to expose the 0.7950-57 area marked by the May 16 low and the 50% Fib. A push beneath that targets the 76.4% level at 0.7908. The 0.8006 level has been recast as resistance, with a reversal back above that targeting rising trend support-turned-resistance at 0.8039.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.