EUR/GBP Forecast August 9, 2012, Technical Analysis

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EUR/GBP fell during the Wednesday session as follow-through from the failures on Tuesday and Monday to break above the 0.7950 level were realized. The pair looks as if it has reached an area that is going on for too much resistance for to climb above, and this makes sense considering that the Euro is not only unloved at the moment, but the British pound has received a bit of a boost.

This makes sense that this pair continues lower, and a break of the Wednesday lows would have us adding to our already short positions. As for buying, we need to see the 0.8150 level taken out to the upside on a daily close to even consider it. At this moment in time, we are selling rallies and fresh lows on the daily candles.

EUR/GBP Forecast August 9, 2012, Technical Analysis

EUR/GBP Forecast August 9, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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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