EUR/GBP Forecast August 6, 2012, Technical Analysis

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By FXEmpire.com

EUR/GBP had an outstanding day to the upside on Friday as the Euro got a bid against almost anything and everything. The market finished at the very highs of the session, and it does suggest that we are going higher. However, we would be remiss if we didn't mention the fact that we are testing the very upper boundaries of the bearish flag at the moment.

Because of this, we need to see a move above the 0.7950 to think that we are going higher. Even having said that, we think the 0.80 level should be the beginning of massive resistance, and as such we are willing to buy this pair as it really doesn't have that kind of risk to reward ratio you want when trading. With all of these things being said, we are still looking to sell this pair and will do so as soon as we see weakness.

Click here to read EUR/GBP Technical Analysis.

Originally posted here

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