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EUR/GBP Technical Analysis: Key Support Line Threatened

EUR/GBP Technical Analysis: Key Support Line Threatened

2013-08-05 09:24:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis – Prices are testing below support a 0.8673, the 38.2% Fibonacci expansion, to eye the 23.6% level at 0.8638. This barrier is reinforced by a rising trend line set from late June, with a break lower exposing horizontal resistance-turned-support at 0.8583. Near-term resistance is at 0.8702, the 50% expansion.

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dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Key Support Line Threatened

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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