EUR/GBP Forecast December 30, 2011, Technical Analysis

EUR/GBP rose on Thursday as the Euro climbed in general. The pair has been sold off quite a bit over the last several sessions, and the rise in price found the 0.84 level, the first of our selling areas. The candle isn’t resistive enough though, so we are simply going to wait and sell weak candles going forward. The 0.85 level was a massive support level that got broken recently, so to see resistance there would be expected. The area hasn’t been retested since the breakdown, so perhaps that is where we will get our chance. In the mean time, we simply wait for that weak candle to sell.