By FXEmpire.com
The EUR/GBP pair rose during the session on Tuesday as the Euro got bought against most currencies. However, this seems to be more “hopium” as the central bank meetings are set to adjourn over the next couple of days. Traders are clearly looking for their next handout from the central bank, and as such are getting helpful what had of the actual announcements. However, there’s a high chance of the Federal Reserve will do absolutely nothing. The European Central Bank might, but over time this should weaken the Euro.
The reason this is significant is that the trend is down, and this would simply continue that trend. Also, it should be noted that we are forming what looks like a bearish flag again. This bearish flag would lead us to conclude that the market is heading to the 0.75 level and would have us shorting it down to that area. As for buying this pair, we simply won’t.
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Originally posted here
