Strategy: Short EURGBP at 0.8533, Targeting 0.8408
Prices broke support at a rising trend line set from July 2012 after completing a Bearish Engulfing candlestick pattern. The setup hints the long-term down trend carved out since December 2008 is set to resume. We will enter short from here, initially targeting the 38.2% Fibonacci retracement at 0.8408. A stop-loss will be activated on a close above 0.8658.
Weekly Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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