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EUR/GBP Technical Analysis 05.29.2013

EUR/GBP Technical Analysis 05.29.2013

Ilya Spivak, Head Strategist, APAC

EUR/GBP Technical Analysis – The formation of a Triangle chart preceded a breakout higher, as expected. Buyers now aim to challenge the 23.6% Fibonacci expansion at 0.8648, with a break above that exposing the 38.2% level at 0.8803. Near-term support is at 0.8529, the top of a recently broken rising channel, with a dip below that eyeing the Triangle top at 0.8493. We continue to hold long.

Forex_EURGBP_Technical_Analysis_05.29.2013_body_Picture_5.png, EUR/GBP Technical Analysis 05.29.2013

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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