By FX Empire.com
The EUR/GBP pair rose slightly during the session on Tuesday as the bears continued to take a bit of a rest. The pair may be looking to build a bit of a base at this point, but the recent action looks very bearish to say the least. In fact, if we get a move up, the first thought we will think is to look for selling opportunities in this pair. The 0.85 level would be the “end” of us being willing to sell this pair, so of course a bounce back to that level negates all of that thinking. We believe a bit of a bounce is coming, but the 0.84 should continue to contain price going forward. It is at that point we are willing to sell on signs of weakness. We also would sell a daily close below the 0.83 level.
EUR/GBP Forecast March 7, 2012, Technical Analysis
Originally posted here
