EUR/GBP forecast for the Week of July 23, 2012, Technical Analysis
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The EUR/GBP pair fell during the previous week as the Euro continues to get pummeled. The British pound is being purchased against most currencies in general, so make sense of this pair of course fell. We still stand by our original analysis that the bearish flag that broke down was the lead to a 0.76 print, and as such we are still short of this market.
Buying this pair is simply a fool’s errand, and as such we will only add to our position when bounces, that show weakness. In fact, buying this pair is an even a thought into we break above the 0.8150 level.
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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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