EUR/GBP fell hard during the Wednesday session as the EU announced that the deal to bail out the Greeks has been set back yet again. The pair was pressing against the top of the recent range in the form of the 0.84 resistance level, and as a result the market was more than willing to step in and sell this pair off. The Pound didn’t fare well against a lot of currencies, but the Euro was weak everywhere, so the Pound enjoyed a bit of strength against its neighbor.
The pair is in a downtrend, and we are willing to sell rallies going forward, and a break of the 0.83 level gets us even more short of this pair. The buying of this pair cannot be done until the 0.85 level is closed above on the daily chart.
EUR/GBP Forecast February 16, 2012, Technical Analysis
Originally posted here
