EUR/GBP Forecast October 19, 2012, Technical Analysis

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The EUR/GBP pair rose during the session after initially falling to test the 0.81 level for support. It now is very obvious to us that the 0.82 handle is crucial for the buyers to continue the uptrend. In fact, this is exactly what we are hoping to see. If you look at this chart, we are entering an area that could be very resistive, and as such resistive candles such as a shooting star could trigger sell orders, but it appears now that the overall market sentiment is certainly bullish and looks to remain so. 0.82 is the last stand of the sellers, and if it gives way the trend will have changed yet again.

 

EUR/GBP Forecast October 19, 2012, Technical Analysis

EUR/GBP Forecast October 19, 2012, Technical Analysis

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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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