Forex Analysis: EUR/GBP Classic Technical Report 12.17.2012
Prices broke support at 0.8128, the 50% Fibonacci expansion, exposing a rising trend line set from the December 10 low (now at 0.8114). A push below that targets the 38.2% level at 0.8106. The 0.8128 level has been recast as near-term resistance, with a reversal back above that aims for the 61.8% Fib at 0.8150.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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