By FX Empire.com
EUR/GBP fell hard during the previous week as the market took back all of the gains from the previous week. The pair looks weak overall, and as the gains were so quickly given back, we are bearish still. The 0.83 level needs to give way in order for the bears to continue to push this pair lower, and we think it is only a matter of time. However, we feel that waiting for a daily close below that level is necessary to sell at this point. Eventually, we feel the market will run to the 0.80 level, but this could be a while as the pair likes to grind quite a bit.
EUR/GBP Forecast for the Week of March 5, 2012, Technical Analysis
Originally posted here
