By FX Empire.com
EUR/GBP shot straight up for the previous week, and slammed directly into the 0.85 resistance level. The pair looks strong at the moment, but it should be noted how resistive this area really is. Because of this, we aren’t keen to buy this pair until we close above it on the daily chart. The selling of this pair is possible for a pullback, but there looks to be decent support between 0.84 and 0.83, so selling probably has limited potential as well. In the mean time, it is probably better to just stay away as far as longer term trades are concerned.
EUR/GBP Forecast for the Week of February 27, 2012, Technical Analysis
Originally posted here
