EUR/GBP Forecast August 3, 2012, Technical Analysis
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EUR/GBP ended up falling for the session on Thursday, after first spiking, and then falling off of a cliff. At the end of the session we did get back a little bit of the losses, but not enough to in the day positively.
We’re still within the confines of what we identified as a potential bearish flag, and as such we are only looking to sell this pair. If this flag gets broken down to the downside, we could see a move down to the 0.75 level as indicated by the length of the pole. We will not buy the Euro under any circumstances now, and as such are simply looking for selling opportunities on weakness.
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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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