To learn more click here
The EUR/GBP pair fell initially during the session on Thursday, but bounced off of the 0.8020 level as buyers stepped in the market. This formed a hammer, and it does look like are trying to break higher again.
This pair will certainly grind and not print as the British pound is stronger as well. This is a fight between two strong currencies, and this always produces a choppy move. Nonetheless, we do think that this is positive, and are willing to buy on a break of the hammers top from the session. We do recognize the fact that 0.81 and 0.82 will more than likely cause resistive pressure against a long position, but do recognize the fact that this trend does seem to be changing all of the sudden.