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Forex Analysis: EUR/GBP Classic Technical Report 11.27.2012

Forex Analysis: EUR/GBP Classic Technical Report 11.27.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing resistance at 0.8103, the 14.6%Fibonacci retracement. This barrier is reinforced by the underside of a previously broken rising trend line set from late July (0.8108). A break above that exposes the October 22 high at 0.8164. Near-term support is at 0.8066, the 23.6% retracement. A drop below that aims for the 38.2% retracement at 0.8006.

Forex_Analysis_EURGBP_Classic_Technical_Report_11.27.2012_body_Picture_1.png, Forex Analysis: EUR/GBP Classic Technical Report 11.27.2012

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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