EUR/GBP Technical Analysis – The formation of a Triangle chart preceded a breakout higher, as expected. Prices have now pulled back to near-term support at 0.8494, with a drop below that eyeing the Triangle top at 0.8465. Near-term resistance is at 0.8575, with a break above that exposing the 23.6% Fibonacci expansion at 0.8648. We continue to hold long for now.
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