EUR/GBP Forecast August 20, 2012, Technical Analysis

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The EUR/GBP pair had a very back-and-forth session on Friday as the markets eventually closed almost unchanged. Recently, we had retested the bottom of an uptrend line for resistance and it did hold. Is because of this that we feel this market will continue to fall overall.

The trend is most certainly down, and but it appears that the 0.78 handle is trying to act as support currently. We need to see the hammer from the Thursday session broken to the downside in order to keep selling, and we do expect to see the sooner or later. Alternately, if we get some type of rally that looks weak overall, we would sell any weakness that prints on the daily chart as well.

EUR/GBP Forecast August 20, 2012, Technical Analysis

EUR/GBP Forecast August 20, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

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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