EUR/GBP Forecast July 11, 2012, Technical Analysis
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The EUR/GBP pair fell during the session as the 0.79 level finally gave way. The shooting star from the previous session on Monday was your first hands that this was going to happen, and concerns about Italy creeping into the forefront certainly did not help the Euro’s case. The pair has recently broken a bearish flag, and it did suggest a move down to 0.76 or so. It is with this thesis that we continue to short this pair and are presently holding onto substantial positions at this moment. As for buying, there is absolutely no argument to be made for it until we can pop back above the 0.81 level. All rallies in this pair should more than likely end up being selling opportunities.
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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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