EUR/GBP Forecast September 10, 2012, Technical Analysis

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The EUR/GBP pair rose above the 0.80 handle on Friday as the Euro got a massive bid. However, this is somewhat unfounded as the British pound is so strong again so many other currencies. We believe that most of this is predicated on the idea of short covering in the Euro itself, and not selling of the British pound.

Because of this, we think that this pair will be one that you can sell on the first sign of resistance between 0.80 and 0.82 or so. We will not buy this currency pair until we get above the 0.82 handle, and as such we are currently looking to sell rallies that show weakness.

EUR/GBP Forecast September 10, 2012, Technical Analysis

EUR/GBP Forecast September 10, 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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