EUR/GBP Forecast August 28, 2012, Technical Analysis

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EUR/GBP had a very neutral session on Monday as the markets simply sat still. One of the reasons this pair would have been a little less volatile than the others would have been the fact that England had a banking holiday for the session. As this pair is typically treated with the most liquidity during the London session, it does make sense that this pair simply didn’t do much.

Recently, we have seen a higher low, and this does suggest that perhaps momentum is trying to build up for the buyers. However, we are still well below a downtrend line and the 0.80 resistance level. Because of this, we still favor the downside in this market and as such are more than willing to sell on a break below the 79 handle on the daily close.

EUR/GBP Forecast August 28, 2012, Technical Analysis

EUR/GBP Forecast August 28, 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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