The EUR/GBP pair initially tried to rally during the session on Friday, but the 0.7875 level offered resistance yet again. Because of this, we ended up
The EUR/GBP pair initially tried to rally during the session on Friday, but the 0.7875 level offered resistance yet again. Because of this, we ended up forming a fairly negative candle, and it now looks as if we are ready to drop from here. That being said though, we feel that the market is simply consolidating, and it’s probably only a matter of time before the buyers step back in, but probably closer to the 0.7775 level. We are bearish for short-term trades, but wouldn’t hang onto anything in this market at this point in time.
EUR/GBP Forecast October 13, 2014, 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.
