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EUR/GBP Technical Analysis 03.13.2013

EUR/GBP Technical Analysis 03.13.2013

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis - Prices continue to consolidate below the 50% Fibonacci expansion at 0.8761. Overall positioning seems to be carving a Rising Wedge, a setup broadly indicative of a turn lower ahead (although confirmation is absent for now). A break below initial support at 0.8687 marked by the 38.2% Fib targets the Wedge bottom (now at 0.8640). Alternatively, a push above 0.8761 exposes the Wedge top at 0.8796.

Forex_EURGBP_Technical_Analysis_03.13.2013_body_Picture_5.png, EUR/GBP Technical Analysis 03.13.2013

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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