EUR/GBP fell hard on Monday as the 0.8500 level finally gave way as support. The breaking of this level suggests that we are going to see much lower
EUR/GBP fell hard on Monday as the 0.8500 level finally gave way as support. The breaking of this level suggests that we are going to see much lower levels, not only because of the breakdown, but the fact that we closed at the very bottom of the range. The breakdown is significant, and because of this – we will sell rallies as long as we are above the 0.85 level or selling a break below the Monday low. The pair looks very weak at this point, and we are not buying because of it.
EUR/GBP Forecast December 13, 2011, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
