U.S. Markets closed

Forex Analysis: EURGBP Classic Technical Report 11.15.2012

Ilya Spivak

Prices broke resistance at 0.8006, the 38.2% Fibonacci retracement level, with the bulls now challenging the underside of a previously broken rising trend line set from late July (now at 0.8053). This barrier is reinforced by the 23.6% Fib at 0.8066, with a break above that exposing the 14.6% level at 0.8103. The 0.8006 level has been recast as support, with a drop back below that targeting the 0.7950-57 area.

Forex_Analysis_EURGBP_Classic_Technical_Report_11.15.2012_body_Picture_5.png, Forex Analysis: EURGBP Classic Technical Report 11.15.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.