EUR/GBP Technical Analysis – Prices took out resistance at 0.8582, the 23.6% Fibonacci expansion, exposing the 38.2% level at 0.8688. A further push beyond that aims for the 50% Fib at 0.8775. The 0.8582 mark has been recast as near-term support, with a move back beneath that eyeing a rising trend line set from late April, now at 0.8502.
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