EUR/GBP Forecast October 9, 2012, Technical Analysis

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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.

EUR/GBP Forecast October 9, 2012, Technical Analysis

EUR/GBP Forecast October 9, 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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