EUR/GBP Technical Analysis 02.22.2013
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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