Forex Analysis: EUR/GBP Classic Technical Report 12.06.2012
Prices pulled back to retest resistance-turned-support at 0.8117, the 38.2% Fibonacci retracement. A drop back below that eyes the 23.6% expansion at 0.8057. Near-term resistance is at 0.8166, the 50% level. This is reinforced by a rising channel top set from early November (0.8174). A break above that exposes the 61.8% Fib at 0.8215.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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.