EUR/GBP Technical Analysis – Prices rebounded as expected after putting in a bullish Piercing Line candlestick pattern. The pair is now testing back below resistance-turned-support at 0.8730, the 61.8% Fibonacci expansion to challenge the 50% level at 0.8702, with a break below that eyeing the 38.2% Fib at 0.8673. Alternatively, a reversal back above 0.8730 eyes the 76.4% expansion at 0.8766.
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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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