EUR/GBP Technical Analysis – Prices completed a Bearish Engulfing candlestick pattern below the 0.87 figure, hinting at further weakness ahead. Sellers are now testing the 38.2% Fibonacci retracement at 0.8590, with a break below that exposing the 50% mark at 0.8553. Alternatively, a reversal back above the 23.6% retracement at 0.8636 aims for the July 17 high at 0.8710.
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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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