EUR/GBP Forecast September 3, 2012, Technical Analysis
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The EUR/GBP pair attempted to rally during the Friday session, but fell in order to form a shooting star just above the 0.79 level. This only reinforces the thought that we have a bounce the Euro being structurally week. We see the next couple hundred pips above going all the way to the 0.81 level as being far too resistive for this pair to continue higher. In fact, on a move below 0.79 we are more than willing to start selling this pair aggressively. We think that this pair eventually hit the 0.75 handle, and as such would be willing to hang onto the trade.
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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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