Forex Analysis: EUR/GBP Classic Technical Report 12.06.2012

Prices pulled back to retest resistance-turned-support at 0.8117, the 38.2% Fibonacci retracement. A drop back below that eyes the 23.6% expansion at 0.8057. Near-term resistance is at 0.8166, the 50% level. This is reinforced by a rising channel top set from early November (0.8174). A break above that exposes the 61.8% Fib at 0.8215.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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