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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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