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Forex Analysis: EUR/GBP Classic Technical Report 12.10.2012

Forex Analysis: EUR/GBP Classic Technical Report 12.10.2012

Ilya Spivak, Head Strategist, APAC

Prices broke support at 0.8066, the 23.6% Fibonacci retracement, exposing the 38.2% level at 0.8006. A further push below that targets the 50% level at 0.7957. The 0.8066 mark has been recast as near-term resistance. A reversal above that initially aims for the 14.6% Fib at 0.8103.

Forex_Analysis_EURGBP_Classic_Technical_Report_12.10.2012_body_Picture_1.png, Forex Analysis: EUR/GBP Classic Technical Report 12.10.2012

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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