EUR/GBP Technical Analysis - Prices broke above resistance at 0.8595, the 23.6% Fibonacci expansion. Buyers now target the 38.2% level at 0.8687, with a push above that aiming for the 50% mark at 0.8687. The 0.8595 mark has been recast as support. A reversal back below that aims for the 14.6% expansion at 0.8538, followed by the February 8 lowat 0.8446.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE