U.S. Markets closed

Forex: EUR/GBP Technical Analysis – Sellers Retake Initiative

Ilya Spivak

To receive Ilya's analysis directly via email, please SIGN UP HERE

EUR/GBP Technical Analysis – Prices recoiled from support-turned-resistance at a rising trend line set from November 2012, forming a bearish Dark Cloud Cover candlestick pattern and hinting renewed selling is ahead. The bears are now testing support at 0.8549, the 38.2% Fibonacci expansion, with a break below that eyeing a longer-term trend line at 0.8533, followed by the 50% Fib at 0.8518. We continue to hold short.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-chf_body_Picture_8.png, Forex: EUR/GBP Technical Analysis – Sellers Retake Initiative

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

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.