By FXEmpire.com
The EUR/GBP pair managed to rally during the Monday session as the Euro got a bid in the United States. The Americans followed the all-too-familiar pattern now of trying to reverse whatever happens in Europe, and as such the Euro did get quite a lot of interest from the US traders.
The bounce was strong, and even managed to fill the gap and test the 0.78 handle. The candle is a strong looking candle, and it does suggest that perhaps a little bit more is left in this bounce. We see the 0.78500 level as an area that should give trouble to the bullish out there, and as such are willing to sell until we see that area tested in a failure occur. As for buying, we simply do not believe it, and think that this will simply be an opportunity for the bears to step back again.
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Originally posted here
