EUR/GBP Forecast August 30, 2012, Technical Analysis
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The EUR/GBP pair fell during the session on Wednesday, to reach back to the 0.79 support level. It is that level that we are interested in seeing broken to the downside in order to start shorting this market again. It makes sense that the Euro would suffer against the Pound overall, and that is the thesis that we are continuing to stick with. We see that the 0.80 level should continue to be resistive, and as such we think that eventually we will break down much lower. On a daily close below the 0.79 level we are more than comfortable selling as it is with the overall trend.
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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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