EUR/GBP rose for a large portion of the session on Wednesday, but fell in the later hours in order to form a shooting star at the bottom of the recent plunge. The pair has been decidedly bearish as of late, and this candlestick is another bearish sign in the market. The Euro looks weak in general, and this pair will be no different.
The selling of this pair is possible on a break below the bottom of the session’s candle. The target for this pair still remains 0.80 for us, and this is where we think it will go next. The level is a historical “norm” of sorts, and to see it back there wouldn’t be shocking to say the least.
EUR/GBP Forecast February 2, 2012, Technical Analysis
Originally posted here
