EUR/GBP Technical Analysis – Prices rebounded as expected after putting in a bullish Piercing Line candlestick pattern. The pair is now testing resistance at 0.8730, the 61.8% Fibonacci expansion, with a break above that targeting the 76.4% level at 0.8766. Near-term support is at 0.8702, the 50% Fib, followed by the 38.2% expansion at 0.8573.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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