Forex Analysis: EUR/GBP Classic Technical Report 12.10.2012

Prices broke support at 0.8066, the 23.6% Fibonacci retracement, exposing the 38.2% level at 0.8006. A further push below that targets the 50% level at 0.7957. The 0.8066 mark has been recast as near-term resistance. A reversal above that initially aims for the 14.6% Fib at 0.8103.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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