EUR/GBP forecast for the week of September 17, 2012, Technical Analysis
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The EUR/GBP pair shot straight up over the last five sessions and tested the 0.81 handle on Friday. We are currently the top of a big resistive area, and as such a move above this level would indeed be fairly significant.
We would suspect that the 0.80 handle will be supportive at the moment; however we need to see a daily close above the 0.81 level to be convinced of the eminent breakout. All things being equal, we do admit that this pair suddenly look bullish even though the British pound itself isn’t exactly weak. We think this is more Euro short covering than anything else.
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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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