EUR/GBP Forecast July 31, 2012, Technical Analysis

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The EUR/GBP pair managed to sell off a bit during the Monday session, as the Euro experienced weakness all around the currency world. The pair did manage to break the bottom of the shooting star formed on Friday, so technically this is a sell signal. However, we also see the high likelihood of a bearish flag forming yet again and this would suggest much lower prices.

In fact, the move suggested by this bearish flag would have us looking for the 0.75 handle now. It was a bearish flag that got a selling previously, and it looks like it could be another one against the selling again. On a break of the Monday lows, we are shorting this pair yet again and aiming for the 0.75 handle now.

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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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