EUR/GBP rose on Wednesday as the Pound was punished in various different markets. The pair needed a bounce, and it should be noted that it stopped just a
EUR/GBP rose on Wednesday as the Pound was punished in various different markets. The pair needed a bounce, and it should be noted that it stopped just a bit below the 0.84 level. The 0.84 level is an area that we have identified as possible resistance, and we are looking to see if there is any significant weakness shown at that level in order to sell. As an alternative, if the pair continues to rise, we would also be interested in selling on weakness at 0.85 as well, as it is the site of the recent breakdown and has yet to be retested.
EUR/GBP Forecast December 29, 2011, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
