EUR/GBP had a very bearish week as the 0.85 support level finally gave way in this market. The pair has been trying to break below that level for quite
EUR/GBP had a very bearish week as the 0.85 support level finally gave way in this market. The pair has been trying to break below that level for quite some time, and as the crisis in the European Union continues to plague the Euro, the Pound is finally finding support in general at the moment. The Euro is simply too toxic to own, so this pair falling makes sense. The 0.80 level will be the next support area to fight this down move, and as a result we are selling rallies until we get below that point. A close on the daily chart above the 0.85 level would change our minds.
EUR/GBP Forecast for the Week of December 19, 2011
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.
