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Forex Analysis: EUR/GBP Classic Technical Report 12.31.2012

Forex Analysis: EUR/GBP Classic Technical Report 12.31.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a Bearish Engulfing candlestick pattern below rising channel resistance (now at 0.8231), hinting a move lower is ahead. A break below resistance-turned-support at 0.8155 initially aims for a rising trend line set from late July (0.8067).

Forex_Analysis_EURGBP_Classic_Technical_Report_12.31.2012_body_Picture_1.png, Forex Analysis: EUR/GBP Classic Technical Report 12.31.2012

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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