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 0.8505.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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