EURGBP Classic Technical Report 08.10.2012

DailyFX

Prices are edging lower after putting in a bearish Dark Cloud Cover candlestick pattern below resistance at 0.7950, the intersection of a falling trend line set late February and the May 16 swing bottom. Initial support lines up in the 0.7857-67 area marked by a rising trend line and the 23.6% Fibonacci expansion. A break below this boundary targets the 38.2% level at 0.7808. Trend line resistance is now at 0.7945.

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EURGBP_Classic_Technical_Report_08.10.2012_body_Picture_5.png, EURGBP Classic Technical Report 08.10.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

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