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Forex: EUR/GBP Technical Analysis – Key Trend Line Retested

Forex: EUR/GBP Technical Analysis – Key Trend Line Retested

2013-08-28 11:19:00
Ilya Spivak, Head Strategist, APAC
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EUR/GBP Technical Analysis – Prices are retesting support-turned-resistance at a rising trend line set from November 2012, a barrier reinforced by the 50% Fibonacci retracement at 0.8636. A break above that targets the 61.8% level at 0.8667. Near-term support is at 0.8505, the 38.2% Fib, with a reversal beneath that eyeing the 23.6%retracement at 0.8566. We continue to hold short.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-chf_body_Picture_8.png, Forex: EUR/GBP Technical Analysis – Key Trend Line Retested

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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