EUR/GBP forecast for the week of October 8, 2012, Technical Analysis

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EUR/GBP rose during the past five sessions in order to show an extremely bullish move. The week closed at the very top of the range, and it does look like we are threatening the 0.8150 handle. If we can get above that area, it is very likely that we will continue much higher. It will be very interesting to see how this plays out, as the British pound is relatively strong. However, it does seem that the Euro is really starting to gain steam against many other currencies, so it would be a massive surprise if we did break out.

However, we are still in the consolidation range of 0.8150 and 0.7950 or so. Looking at this pair though, with the fact that we face so strongly for the week, it really is starting to look bullish.

 

EUR/GBP forecast for the week of October 8, 2012, Technical Analysis

EUR/GBP forecast for the week of October 8, 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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