EUR/GBP Forecast October 25, 2012, Technical Analysis

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EUR/GBP fell rather hard during the session on Wednesday as the 0.81 level gave way to the sellers. The British pound did fairly well against many other currencies right now, and as such it makes sense that we did this during the session. However, it should be noted that the 0.8050 level is significant support, and it makes sense that we would see buyers stepped in at this point. With the length of the right candle though, we are willing to pass up this potentially bullish trade. We think there are easier ways to trade Euro and the Pound, and as such we will avoid this market for the time being.

 

EUR/GBP Forecast October 25, 2012, Technical Analysis

EUR/GBP Forecast October 25, 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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