EUR/GBP Forecast October 11, 2012, Technical Analysis
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EUR/GBP fell during the session as the 0.81 handle offered some resistance yet again. This area has been very difficult for the market overcome, and it now seems that we are heading back towards the 0.80 level. It should be noted however that the area has been sliced through several times, so it appears that we are actually going to find support at 0.7950 or so.
Going forward, we think that this is simply going to consolidate as both economies have very similar issues, and of course the world focuses on the Euro overall. Because of that, if we do make a move out of this consolidation area, we believe that it will be to the downside.
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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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