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  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/d00z4019XE
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  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/YvoHlUsdVr
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EUR/GBP Technical Analysis 02.22.2013

EUR/GBP Technical Analysis 02.22.2013

2013-02-22 12:36:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis - Prices broke below the 38.2% Fibonacci expansion at 0.8686, completing a Bearish Engulfing candlestick pattern. Sellers now aim to challenge the 23.6% levelat 0.8595, with a move below that eyeing the 14.6% Fib at 0.8538. The 0.8686 mark has been recast as near-term resistance. A reversal back above that targets the 50% expansion at 0.8687.

Forex_EURGBP_Technical_Analysis_02.22.2013_body_Picture_5.png, EUR/GBP Technical Analysis 02.22.2013

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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