EUR/GBP Technical Analysis – Prices are recoiling from resistance at 0.8689, the 38.2% Fibonacci retracement level. Near-term support is at 0.8582, the 23.6% level, with a break below that targeting a rising trend line set from late April (now at 0.8506). Alternatively, a reversal above resistance aims for the 50% mark at 0.8775.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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