EUR/GBP Forecast December 3, 2012, Technical Analysis

The EUR/GBP pair rose during the session on Friday, but we managed to pull back and give quite a bit of the gains away. The market closed just above the 0.81 handle, and it appears that we are trying to grind towards the 0.8150 level, but are meeting pretty significant resistance.

This pair is going to be choppy at best as we see plenty of minor support resistance areas, and as a result we are currently not interested in trading it. If we do get a surge and a breakout above the 0.8150 level however, we would be more than willing to start buying again. If we break down below the 0.7950 area, we think that selling could be done as well. In the meantime, we see minor support resistance about every 20 pips, making this almost untradeable.