EUR/GBP Technical Analysis – The formation of a Triangle chart preceded a breakout higher, as expected. Buyers are now testing horizontal resistance at 0.8575, with a break above that exposing the 23.6% Fibonacci expansion at 0.8648. Near-term support is at 0.8535, the top of a recently broken rising channel, with a dip below that eyeing the Triangle top at 0.8473. We continue to hold long.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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