EUR/GBP Technical Analysis – Prices advanced as expected after completing a bullish Piercing Line candlestick pattern above support at 0.8475, a horizontal shelf reinforced by rising trend lines set from late April. Buyers are now testing above the 50% Fibonacci expansion to take aim at resistance in the 0.8584-92 area, with a break above that targeting the 76.4% level at 0.8621. Near-term support is at 0.8545, the 38.2% Fib, followed by the 23.6% expansion at 0.8515.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
- Utility Industry
- Basic Materials Industry
- Technical Analysis