EUR/GBP Forecast August 29, 2012, Technical Analysis
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The EUR/GBP pair rose during the session on Tuesday as the 0.7950 level is being tested again by the buyers. However, there is a serious resistance band above current prices that should keep the buyers down. We still see the 0.80 level as serious resistance, and that actually would continue all the way to the 0.8150 level.
Looking at this pair, we do want to sell weakness close to the 0.80 level, but would be more than willing to go long on a break of the 0.8150 level on a daily close. We think that the British pound will be relatively stronger than the Euro, and that is the name of the game. Because of this, we are looking for weak candles from which to sell.
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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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