Forex: EUR/GBP Technical Analysis – Broken Support Level Retested
EUR/GBP Technical Analysis – Prices are re-testing the intersection of a rising trend line set from late April and the 61.8% Fibonacci retracement (0.8539) – a former support level – as newly minted resistance. A reversal back above that sees the next level of resistance at 0.8583, marked by horizontal pivot in play since February and the 50% Fib. Near-term support is at 0.8485, the 76.4% level. We have entered short.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.