EUR/GBP Technical Analysis – Prices broke support at the intersection of a rising trend line set from late April and the 61.8% Fibonacci retracement (0.8539), exposing the 76.4% level at 0.8485.A further push beneath that targets the 0.84 figure. Alternatively, a move back above 0.8539 sees the next level of resistance at 0.8583, marked by horizontal pivot in play since February and the 50% Fib. We have entered short.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed