Forex: EUR/GBP Technical Analysis – 13-Month Support Tested
EUR/GBP Technical Analysis – Prices are wedged between support at a rising trend line set from the July 2012 low and resistance in the 0.8566-83 area, marked by the 23.6% Fibonacci retracement and a horizontal pivot in play since mid-February. A break above this exposes a trend line established from November 2012 at 0.8594 and the 38.2% Fib at 0.8605. Support is now in the 0.8514-18 region. 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.