Forex Analysis: EURGBP Classic Technical Report 10.31.2012

DailyFX

Prices are edging higher from support at a rising trend line set from late July (0.8026), a barrier reinforced by the 38.2%Fibonacci retracement at 0.8006. Resistance lines up at 0.8066, the 23.6% Fib. A break above that aims for 0.8095 and 0.8164. Alternatively, a reversal below support exposes the 0.7950-57 area marked by the May 16 low and the 50% retracement.

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Forex_Analysis_EURGBP_Classic_Technical_Report_10.31.2012_body_Picture_5.png, Forex Analysis: EURGBP Classic Technical Report 10.31.2012

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

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