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

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.