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Forex Analysis: EUR/GBP Classic Technical Report 12.24.2012

Forex Analysis: EUR/GBP Classic Technical Report 12.24.2012

Ilya Spivak, Head Strategist, APAC

Prices are stalling below resistance at 0.8154, with negative RSI divergence warning a move downward may be ahead. Initial support lines up at 0.8107, the 14.6% Fibonacci retracement. A break below that targets the 23.6% level (0.8069), a barrier reinforced by a rising trend line set from late July. Alternatively, a push above resistance aims for the January 9 high at 0.8220.

Forex_Analysis_EURGBP_Classic_Technical_Report_12.24.2012_body_Picture_1.png, Forex Analysis: EUR/GBP Classic Technical Report 12.24.2012

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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