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EUR/GBP Technical Analysis 05.01.2013

EUR/GBP Technical Analysis 05.01.2013

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis - Prices appear to be carving out a Triangle chart formation, which may be broadly indicative of bullish continuation (although confirmation is required on a break above the setup’s upper boundary). Near-term resistance is at 0.8503, the 14.6% Fibonacci expansion, with a break above that targeting the 23.6% level at 0.8569. Triangle support is now at 0.8397.

Forex_EURGBP_Technical_Analysis_05.01.2013_body_Picture_5.png, EUR/GBP Technical Analysis 05.01.2013

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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