EUR/GBP Forecast July 18, 2012, Technical Analysis

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The EUR/GBP pair had a wild session during the Tuesday trading hours, only the end up essentially unchanged. This pair is certainly oversold, and as such we are not recommending selling this pair at this moment in time. However, when you get a neutral candle like this you have to treat the obvious as trading signals. If we manage to break the bottom of the daily range from both Tuesday and Monday, you have to think that we are falling even further. On the other hand, a nice bounce could be coming, and offer a nice market from which to short again. The latter of the two scenarios is the one that we are hoping for. We think that the 0.79 to the 0.80 level should offer good selling opportunities if we get that bounce.

EUR/GBP Forecast July 18, 2012, Technical Analysis

EUR/GBP Forecast July 18, 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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