Forex: EUR/GBP Technical Analysis 01.31.2013

Prices are hovering near the 0.86 figure, with negative RSI divergence warning a pullback may be ahead. Near-term support is at 0.8525, marked by the 23.6% Fibonacci retracement and a rising channel bottom. A break below that exposes the 38.2% level at 0.8475. Near-term resistance is at 0.8605, the January 30 high.

8hr 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