EUR/GBP Forecast September 14, 2012, Technical Analysis

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The Euro had a fairly strong session against the Pound during Thursday trading day as the 0.80 level has given way. However, we see significant resistance all the way to the 0.81 handle, and as such we are not willing to go long of this market quite yet. Certainly, this pair looks very strong at this point and we do favor the upside now, but need to see the last vestiges of resistance give way first.

As for selling this market, we would need to see a close below the 0.79 handle which of course looks very unlikely this point. This is someone countertrend and we aren’t exactly excited about selling the British pound at the moment as well, and as such we think this will be one of the more difficult trades to take. Quite simply put, we actually believe that buying the Euro will be easier against other currencies. Nonetheless, this does look like bullish market though.

 

EUR/GBP Forecast September 14, 2012, Technical Analysis

EUR/GBP Forecast September 14, 2012, Technical Analysis

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
 
We value your privacy. Your e-mail address will not be shared.
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.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment


Your email address will not be published.