EUR/GBP Forecast September 18, 2012, Technical Analysis

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The EUR/GBP pair fell during the session on Monday as the resistance held firm in the 0.81 level. Looking forward, this is a very messy part of the chart, and could send prices back down to the 0.80 handle. It isn’t the 0.80 handle that we expect decisions to be made. If we can get below that, then we think the downtrend continues much lower. However, if it offers support, we should see a rally continue in this marketplace.

We think a lot of this move has to do with Euro short covering rally more than anything negative with the British pound. In fact, the British pound has been quite strong against many other currencies as well. Because of this, this is simply a chance for people to take advantage of the fact that the euro has been so oversold recently.

 

EUR/GBP Forecast September 18, 2012, Technical Analysis

EUR/GBP Forecast September 18, 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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