Forex: EUR/GBP Technical Analysis – 13-Month Support Holds Up

DailyFX

EUR/GBP Technical Analysis – Prices bounced from support at a rising trend line set from the July 2012 low to test resistance in the 0.8566-83 area, marked by the 23.6% Fibonacci retracement and a familiar horizontal pivot in play since mid-February. A break above this exposes a trend line established from November 2012 at 0.8590 and the 38.2% Fib at 0.8605. Support is now at 0.8518. We have entered short.

Confirm your chart-based trade setups with the Technical Analyzer.

View photo

.
dailyclassics_eur-chf_body_Picture_8.png, Forex: EUR/GBP Technical Analysis – 13-Month Support Holds Up

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. 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.

Rates

View Comments (0)

Recommended for You