EUR/GBP Technical Analysis – Prices put a bullish Piercing Line candlestick pattern above support at 0.8475, a horizontal shelf reinforced by rising trend lines set from late April. The setup hints a move higher may be ahead, with buyers seeing initial resistance at 0.8515 marked by the 23.6% Fibonacci retracement. A break above that aims for the 38.2% level at 0.8545.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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