EUR/GBP Forecast August 17, 2012, Technical Analysis
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The EUR/GBP pair fell during most of the session on Thursday, but did manage to bounce in order to form a nice looking hammer. This hammer is anchored to the 0.7850 level and it looks very supportive for the very short-term.
However, we do not like buying this pair as we can see quite a bit of resistance just above. Because of this, we are going to be flat of this market, or sell it on a break of the bottom of Thursday’s candle. Until we get some type of bearish candle or that breakdown, we are going to be flat of this market as we see simply far too much noise in the charts.
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Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.
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