Forex Analysis: EUR/GBP Classic Technical Report 12.05.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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