EUR/GBP Forecast July 19, 2012, Technical Analysis

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The EUR/GBP pair fell during the session on Wednesday, to continue the consolidation that we’ve seen over the last three days. The market looks like it is trying to consolidate before another push down, but we need to see a move first in order to be comfortable shorting again. After all, this pair could get a nice bounce based upon the fact that it is oversold.

If we manage to break the lows of the last three days, we would be forced to sell at that point as the trend would definitely be picking up momentum yet again, and lower prices will be found. However, it should be noted that this pair could bounce because of the oversold conditions, and as such we think that the 0.79 level is the first major resistance area that we can look for shorting opportunities.

EUR/GBP Forecast July 19, 2012, Technical Analysis

EUR/GBP Forecast July 19, 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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