The EUR/GBP pair shot straight up during the week as did all Euro crosses, and bounced into the 0.8150 level. This area is an obvious resistance point,
The EUR/GBP pair shot straight up during the week as did all Euro crosses, and bounced into the 0.8150 level. This area is an obvious resistance point, and has been challenged several times. This is one of the more interesting currency pairs we see right now though, and a break above the 0.8150 level would signal an excellent buying opportunity in this currency pair. It also would signal a possible inverse head and shoulders, and that could have this market going much higher. In fact, based upon that particular pattern we could see prices as high as 0.8550.
EUR/GBP forecast for the week of December 17, 2012, 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.
