EUR/GBP Technical Analysis – Prices advanced as expected after completing a bullish Piercing Line candlestick pattern above support at 0.8475, a horizontal shelf reinforced by rising trend lines set from late April. Buyers are now testing above the 50% Fibonacci expansion to take aim at resistance in the 0.8584-92 area, with a break above that targeting the 76.4% level at 0.8621. Near-term support is at 0.8545, the 38.2% Fib, followed by the 23.6% expansion at 0.8515.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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