By FXEmpire.com
The EUR/GBP pair fell during the session on Tuesday as the pair continues to grind sideways overall. The bounce at the end of the day made a hammer, but the area it is in doesn’t exactly instill a need to buy. The 0.84 level above is still resistive, and the 0.83 is very supportive. The area in between seems to be where we are stuck at. The 0.85 level is still massive resistance as well, and we think that a solid break above that level will be needed to go long with any real confidence. The breaking of the 0.83 level to the downside would be much more significant to us, and we would be very happy to sell at that point. Until then, we are ambivalent about this pair.
EUR/GBP Forecast March 28, 2012, Technical Analysis
Originally posted here
