By FX Empire.com
EUR/GBP fell during the session on Friday, only to bounce back in the later hours. The resulting candle is a hammer, and this could suggest that we are about to see a bounce in the pair. The 0.84 level above could be resistance on the bounce, and the surge in later day trading could have simply been a reaction to the extreme fall that we have seen over the last few days. Overall, we are still bearish of this pair, but need to see 0.84 hold any bounces down in order to short it. We cannot buy it at all, as the pair has been so strong on the down side.
EUR/GBP Forecast March 5, 2012, Technical Analysis
Originally posted here
