To receive Ilya's analysis directly via email, please SIGN UP HERE

EUR/GBP Technical Analysis – Prices recoiled from support-turned-resistance at a rising trend line set from November 2012, forming a bearish Dark Cloud Cover candlestick pattern and hinting renewed selling is ahead. The bears are now testing support at 0.8549, the 38.2% Fibonacci expansion, with a break below that eyeing a longer-term trend line at 0.8533, followed by the 50% Fib at 0.8518. 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 – Sellers Retake Initiative

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

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed