EUR/GBP Forecast for the week of August 27, 2012, Technical Analysis

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The EUR/GBP pair had a bullish week over the last five sessions as Friday saw this pair close above the 0.79 level. However, we have the 0.80 level above which is massively resistive, and should keep prices down. We can’t tell if this is a pro-Euro move, or an anti-Pound move. Quite frankly, neither currency looks overly impressive at the close on Friday, and as such we think this will be very messy pair indeed.

However, it is obvious that we are in a downtrend so we do prefer selling this currency pair overall. On signs of weakness at the 0.80 level we would be very interested in shorting this pair yet again. As for buying, we wouldn’t do it until we clear the 0.82 level or so.

EUR/GBP Forecast for the week of August 27, 2012, Technical Analysis

EUR/GBP Forecast for the week of August 27, 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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