EUR/GBP Technical Analysis 06.05.2013

DailyFX

EUR/GBP Technical Analysis – The formation of a Triangle chart preceded a breakout higher, as expected. Prices are now testing below near-term support is at 0.8526, the top of a recently broken rising channel, with a drop below that eyeing the Triangle top at 0.8469. Near-term resistance is at 0.8575, with a break above that exposing the 23.6% Fibonacci expansion at 0.8648. We continue to hold long.

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Forex_EURGBP_Technical_Analysis_06.05.2013_body_Picture_5.png, EUR/GBP Technical Analysis 06.05.2013

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

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