EUR/GBP Forecast December 19, 2012, Technical Analysis

The EUR/GBP pair rose during the session on Tuesday as we continue to bump up against the 0.8150 resistance level. This area needs to be overcome by the bulls in order to continue higher, and it does look like pressure is building. That being said, it should be noted that both of these currencies are doing fairly well in general, so this may be a choppy trade going forward. In fact, that’s the general attitude of this market most of the time, as both of these currencies are favored by Forex traders in reasonably decent times. As the markets seemed to perk up, we should see continued volatility in this market, but it does look like we’re going higher. A daily close above the 0.8160 level would be enough to get us buying.