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Forex: EUR/GBP Technical Analysis – Bears Expose 0.85 Figure

Ilya Spivak

EUR/GBP Technical Analysis – Prices broke support at the intersection of a rising trend line set from late April and the 61.8% Fibonacci retracement (0.8539), exposing the 76.4% level at 0.8485.A further push beneath that targets the 0.84 figure. Alternatively, a move back above 0.8539 sees the next level of resistance at 0.8583, marked by horizontal pivot in play since February and the 50% Fib. We have entered short.

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dailyclassics_eur-chf_body_Picture_8.png, Forex: EUR/GBP Technical Analysis – Bears Expose 0.85 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

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

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