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EUR/GBP Technical Analysis 03.29.2013

EUR/GBP Technical Analysis 03.29.2013

2013-03-29 07:48:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis - Prices continue to push lower after completing a bearish Rising Wedge chart formation. Sellers are now testing support at 0.8408, the 38.2% Fibonacci retracement, with a break below that exposing the 50% level at 0.8282. Near-term resistance is at 0.8563, the 23.6% Fib.

Forex_EURGBP_Technical_Analysis_03.29.2013_body_Picture_5.png, EUR/GBP Technical Analysis 03.29.2013

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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