EUR/GBP Technical Analysis – Prices rebounded as expected after putting in a bullish Piercing Line candlestick pattern above support at 0.8583, a horizontal pivot dating back to mid-February. The pair is now testing resistance at 0.8673, the 38.2% Fibonacci expansion, with a break above that targeting the 50% level at 0.8702. Near-term support is at 0.8638, the 23.6% Fib. The weekly chart continues to hint at the makings of a bearish reversal but an actionable trade setup is absent for now.
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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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