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Forex Analysis: EUR/GBP Classic Technical Report 11.16.2012

Forex Analysis: EUR/GBP Classic Technical Report 11.16.2012

Ilya Spivak, Head Strategist, APAC

Prices broke resistance at 0.8006, the 38.2% Fibonacci retracement level, with the bulls now challenging the underside of a previously broken rising trend line set from late July (now at 0.8060). This barrier is reinforced by the 23.6% Fib at 0.8066, with a break above that exposing the 14.6% level at 0.8103. The 0.8006 level has been recast as support, with a drop back below that targeting the 0.7950-57 area.

Forex_Analysis_EURGBP_Classic_Technical_Report_11.16.2012_body_Picture_5.png, Forex Analysis: EUR/GBP Classic Technical Report 11.16.2012

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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