EUR/GBP Technical Analysis 02.08.2013

DailyFX

EUR/GBP Technical Analysis - Prices reversed lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern, taking out initial support at the 23.6% Fibonacci retracement (0.8567). Sellers now stand to challenge the 38.2% level at 0.8475, with a further push below that aiming for the 50% mark at 0.8400. The 0.8567 barrier has been recast as near-term resistance, with the February 1 high at 0.8716 eyed on a move back above that.

View photo

.
Forex_EURGBP_Technical_Analysis_02.08.2013_body_Picture_1.png, EUR/GBP Technical Analysis 02.08.2013

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)