EUR/GBP Forecast August 28, 2012, Technical Analysis

posted
By FX Empire Analyst - Christopher Lewis
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

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

Find a Broker
Continue to FX Empire Network