Prices put in a Bearish Engulfing candlestick pattern below resistance at 0.8095, hinting at a forming double top. Initial support lines up at the 0.80 figure, with a break below that exposing 0.7950. Alternatively, a reversal above resistance targets the 0.8124-55 area.

EURGBP_Classic_Technical_Report_10.10.2012_body_Picture_5.png, EURGBP Classic Technical Report 10.10.2012
Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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Forex pairs in this Article » EUR/GBP

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