EUR/GBP Forecast October 12, 2012, Technical Analysis
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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.
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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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