Forex Analysis: EURGBP Classic Technical Report 10.30.2012


Prices are edging higher from support at a rising trend line set from late July (0.8022), 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.

View photo

Forex_Analysis_EURGBP_Classic_Technical_Report_10.30.2012_body_Picture_5.png, Forex Analysis: EURGBP Classic Technical Report 10.30.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)