EUR/GBP Technical Analysis - Prices continue to consolidate below the 50% Fibonacci expansion at 0.8761. Overall positioning seems to be carving a Rising Wedge, a setup broadly indicative of a turn lower ahead (although confirmation is absent for now). A break below initial support at 0.8687 marked by the 38.2% Fib targets the Wedge bottom (now at 0.8640). Alternatively, a push above 0.8761 exposes the Wedge top at 0.8796.
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.