EUR/GBP Forecast August 24, 2012, Technical Analysis

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The EUR/GBP pair rose during the session on Thursday to continue to climb. The 0.79 handle is now in the rearview mirror of the buyers, and now they will be aiming for the 0.7950 level. This pair looks fairly strong at this point in time, but the 0.80 level above should remain as massive resistance.

Also, the fact that the Euro is gaining is probably more to do with short covering than anything involving strength. After all, the British pound is continuing its climb against most other currencies around the world, and as such it is difficult to short that currency – even in this pair. Because of this, we are waiting for a sell signal between the 0.7950 and 0.80 levels.

 

EUR/GBP Forecast August 24, 2012, Technical Analysis

EUR/GBP Forecast August 24, 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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