When President Barack Obama and Michelle Obama set of to meet the Queen during the G-20 summit, all went well–sort of. 
The Obama’s had the right touch when it came to greeting the queen– at least First Lady Michelle Obama did. Apparently like any monarch, be it king or queen, there are a set of rules, ethics and codes that must be followed to prevent being swallowed up by foreign and American media.
If for some odd reason you are given the great honor to greet the Queen of England, who is a figure head and plays no role in British Government, then I suggest you read up on what and what not to do here.
Regardless, according to NBC’s Brian Williams, a source close to Queen said she was not offended by the gesture.

President Obama with Italian Prime Minister Silvio Berlusconi and Russian President Dmitri Medvedev hanging out above China's Hu Jintao
What did offend the Queen was Italy’s Prime Minister Berlusconi who immediately shouted “Mr. Obama” after a G-20 group photo was taken. The Queen was upset.
It was just interesting to see so many British specialists on CNN and Fox News who happened to be experts on the Queen.