EUR/GBP Technical Analysis – Prices reversed lower to test support at 0.8626, the 38.2% Fibonacci retracement, a barrier reinforced by a rising trend line set from late June. A break below that targets the intersection of the 50% level and a familiar multi-month range top at 0.8583. Near-term resistance is at 0.8681, the 23.6% Fib.

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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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