By FX Empire.com
EUR/GBP fell during most of the session on Thursday, but found a bounce in the late hours to form a hammer. The pair has been running into support at the 0.8280 level, and it looks as if the area will become a good point in which to sell if we get a close below it. So far, we haven’t, but with the trend being so decidedly bearish, it seems it will only be a matter of time.
The 0.84 level above is resistive, and so is the 0.85 level above that. Because of this, we are only selling at this point, and aren’t considering buying. The Euro has far too many troubles for us to want to own it, even if the Pound has a lot of bad news surrounding it either. (Although you would never know it by the way it is acting lately.) We are looking for weakness at 0.84 to sell, and rallies that fade as well. A daily close below 0.8280 has us selling too.
EUR/GBP Forecast February 3, 2012, Technical Analysis
Originally posted here
