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EUR/GBP Technical Analysis: Familiar Support in Play

EUR/GBP Technical Analysis: Familiar Support in Play

2013-08-08 07:08:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis – Prices broke support at a rising trend line set from late June to challenge 0.8583, a level marked by the intersection of the 50% Fibonacci retracement and a familiar horizontal pivot in play since February. A further push beneath that eyes the 61.8% level at 0.8539. Near-term resistance is at 0.8626, the 38.2% Fib, followed by the underside of the broken trend line (now at 0.8643).

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dailyclassics_eur-chf_body_Picture_8.png, EUR/GBP Technical Analysis: Familiar Support in Play

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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