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Forex Analysis: EUR/GBP Classic Technical Report 12.05.2012

Forex Analysis: EUR/GBP Classic Technical Report 12.05.2012

Ilya Spivak, Head Strategist, APAC

Prices broke resistance at 0.8117, the 38.2% Fibonacci retracement, exposing the 50% level at 0.8166. This barrier is reinforced by a rising channel top set from early November, with a break above that exposing the 61.8% Fib at 0.8215. The 0.8117 level has been recast as support. A drop back below that eyes the channel bottom at 0.8107 and the 23.6% expansion at 0.8057.

Forex_Analysis_EURGBP_Classic_Technical_Report_12.05.2012_body_Picture_1.png, Forex Analysis: EUR/GBP Classic Technical Report 12.05.2012

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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