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EUR/GBP Technical Analysis: Rally Stalls Below 0.88

EUR/GBP Technical Analysis: Rally Stalls Below 0.88

2013-08-02 10:04:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis – Prices rebounded as expected after putting in a bullish Piercing Line candlestick pattern. The pair is now testing back below resistance-turned-support at 0.8730, the 61.8% Fibonacci expansion, with a break lower exposing the 50% level at 0.8702. Near-term resistance is at 0.8766, the 76.4% expansion.

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dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Rally Stalls Below 0.88

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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