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EUR/GBP Technical Analysis 02.08.2013

EUR/GBP Technical Analysis 02.08.2013

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis - Prices reversed lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern, taking out initial support at the 23.6% Fibonacci retracement (0.8567). Sellers now stand to challenge the 38.2% level at 0.8475, with a further push below that aiming for the 50% mark at 0.8400. The 0.8567 barrier has been recast as near-term resistance, with the February 1 high at 0.8716 eyed on a move back above that.

Forex_EURGBP_Technical_Analysis_02.08.2013_body_Picture_1.png, EUR/GBP Technical Analysis 02.08.2013

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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