By FX Empire.com
EUR/GBP fell most of Monday as the Euro got sold off. However, later in the day saw the Euro get a bit of a reprieve by the Americans, and this pair rose as a result. The final candle is a hammer, and sitting just above the 0.8250 level we have been talking about recently. The area is a minor albeit stubborn support level, and simply must be closed below on the daily chart for us to start selling again. The hammer is actually a buy signal on its own, but the very heavy bearish pressure has us playing it safe and waiting for a rally to sell, especially if we get weakness near the obvious 0.84 resistance level.
EUR GBP Forecast February 7, 2012, Technical Analysis
Originally posted here
