EUR/GBP Forecast July 30, 2012, Technical Analysis

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The EUR/GBP pair managed to fall at the end of the session on Friday, two print a wicked looking shooting star. This suggests to us that this pair will continue to fall over time, and as such we are willing to sell on a break of the Friday lows.

This makes sense of course, it as the European Central Bank looks set to embark on further easing. This will become an interest rate play, and as such people will prefer the Pound over the Euro. Going forward, we think that the bottom should be targeted yet again, and the bearish flag that we saw a couple of weeks ago the targeted 0.76 still looks valid. There is absolutely no reason to buy this pair as far as we’re concerned.

EUR/GBP Forecast July 30, 2012, Technical Analysis

EUR/GBP Forecast July 30, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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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