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Forex: EUR/GBP Technical Analysis 01.31.2013

Forex: EUR/GBP Technical Analysis 01.31.2013

Ilya Spivak, Head Strategist, APAC

Prices are hovering near the 0.86 figure, with negative RSI divergence warning a pullback may be ahead. Near-term support is at 0.8525, marked by the 23.6% Fibonacci retracement and a rising channel bottom. A break below that exposes the 38.2% level at 0.8475. Near-term resistance is at 0.8605, the January 30 high.

Forex_EURGBP_Technical_Analysis_01.31.2013_body_Picture_1.png, Forex: EUR/GBP Technical Analysis 01.31.2013

8hr 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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