EUR/GBP Technical Analysis - Prices reversed lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern, taking out initial support at the 23.6% Fibonacci retracement (0.8567). Sellers now stand to challenge the 38.2% level at 0.8475, with a further push below that aiming for the 50% mark at 0.8400. The 0.8567 barrier has been recast as near-term resistance, with the February 1 high at 0.8716 eyed on a move back above that.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE