EUR/GBP Forecast September 26, 2012, Technical Analysis
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EUR/GBP fell during most of the session on Tuesday, but did bounce in order to form a hammer just above the 0.7950 level. This area is the bottom of a fairly large consolidated area the goes all the way to the 0.8150 level. It also happens to be on top of the recent breakout, and as such the breakout has been confirmed as support now. If we can get above the 0.808 handle, we are more than willing to go long this pair but understand that there will be significant resistance at the 0.8150 level. With this in mind, it becomes more of a short-term buy, and a long-term do nothing.
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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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