EUR/GBP Forecast October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The EUR/GBP pair did very little during the session on Friday, but did manage to form a hammer for the third day in a row. This suggests to us that pressure is building for an upside breakout, and we would be long of this pair above the 0.8150 handle. It is at that point time that we feel the bullishness will take over, and this pair will continue much higher. Looking forward, we think that this pair has potential begin to the 0.85 handle before it's all said and done, especially considering recent murmurs of the Bank of England looking to add quantitative easing again. If this is true, expect this pair to go much higher.

 

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