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Forex: EUR/GBP Technical Analysis – Readying a Reversal?

Forex: EUR/GBP Technical Analysis – Readying a Reversal?

2013-10-28 07:10:00
Ilya Spivak, Head Strategist, APAC

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Talking Points

  • A Shooting Star candle below Rising Wedge resistance hints at a possible turn lower
  • Support is at 0.8488 (Wedge bottom); a breakdown initially targets 0.8451 (23.6% Fib)
  • Resistance is in the 0.8554-66 area (Oct 24 high, Wedge top)

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

dailyclassics_eur-chf_body_Picture_8.png, Forex: EUR/GBP Technical Analysis – Readying a Reversal?

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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