EUR/GBP Forecast for the week of August 20, 2012, Technical Analysis

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The EUR/GBP pair had a fairly quiet week during the last five sessions, but did manage to print a green candle for the week. While this certainly wasn’t a massive candle, it did in a sense give this pair a sense of stability at current levels.

However, we see on the daily chart very bearish setups and think that eventually we will fulfill the target as suggested by the bearish flag that was formed a few weeks back. The story was 0.76, and there were even some formations that have suggested a target of 0.75 before all was said and done. Because of this, we are still bearish of this pair and will sell a break of the lows from the previous week. If we don’t get that, we will look for daily candles that seem to be losing steam from which to sell.

EUR/GBP Forecast for the week of August 20, 2012, Technical Analysis

EUR/GBP Forecast for the week of August 20, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

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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