EUR/GBP Technical Analysis – Prices are testing support in the 0.8583-90 area marked by a horizontal pivot dating back to mid-February and the 38.2% Fibonacci retracement. A break below that aims for the 50% level at 0.8553. Near-term resistance is at 0.8636, the 23.6% Fib. The weekly chart seems to outline the makings of a short trade setup, though confirmation is absent for the time being.
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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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