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The EUR GBP pair rose again on Monday as the juggernaut that is the Euro continues to gain on the British pound. However, we are approaching the 0.81 area which is the beginning of serious resistance in this currency pair. Because of this, we are hesitant to go long of this pair, but are watching it as we think a clearance of 0.8150 would signify that we are going to break out to the upside.
Alternately, we of course are interested in some type of bearish candle in this general vicinity as well because it would signify that we are going to stay within consolidation which could get us as low as 0.7950. In meantime, we simply sit on our hands as we must wait for the appropriate signal.