The EUR/GBP pair initially surged during the week as we attempted to break above the 0.82 handle. However, by the close of business on Friday we had
The EUR/GBP pair initially surged during the week as we attempted to break above the 0.82 handle. However, by the close of business on Friday we had formed a pretty impressive looking shooting star. The week before produced a hammer though, so now we have to wonder whether or not this was a false breakout, or simply a pullback looking for support. At this point time, we would suspect that we are going to consolidate somewhere between 0.82 and 0.81. With that in mind, we do not find a nice long-term trade set up until we break out of this area in one direction or the other.
EUR/GBP forecast for the week of December 31, 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.
