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EUR/GBP Technical Analysis: Resistance at 0.8636 in Focus

EUR/GBP Technical Analysis: Resistance at 0.8636 in Focus

2013-07-25 04:15:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis – Prices put in a bullish Piercing Line candlestick pattern above support in the 0.8583-90 area marked by a horizontal pivot dating back to mid-February and the 38.2% Fibonacci retracement. Near-term resistance is at 0.8636, the 23.6% Fib, with a break above that exposing the July 17 high at 0.8710. Alternatively, a reversal below support eyes the 50% level at 0.8553. The weekly chart seems to outline the makings of a short trade setup but confirmation is absent for the time being.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Resistance at 0.8636 in Focus

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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