EUR/GBP Technical Analysis – Prices rebounded as expected after putting in a bullish Piercing Line candlestick pattern above support at 0.8583, a horizontal pivot dating back to mid-February. The pair is now testing resistance at 0.8673, the 38.2% Fibonacci expansion, with a break above that targeting the 50% level at 0.8702. Near-term support is at 0.8638, the 23.6% Fib. The weekly chart continues to hint at the makings of a bearish reversal but an actionable trade setup is absent for now.
Confirm your chart-based trade setups with the Technical Analyzer.
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