By FX Empire.com
The EUR/GBP pair fell hard on Tuesday as the downtrend continued. The 0.84 level has held as resistance again, and this pair looks set to continue the downtrend that has been pushing it for several months now.
The 0.83 level did of course bring in support, but the level is minor and merely a speed bump on the way down to 0.80 or so. The pair is a fight between two weak economies, but the one thing the British have going for them is that they aren’t European…..so while the Pound isn’t a favorite of ours either – it’s better to own it than the Euro. We are selling rallies and a break below the lows of Tuesday.

EUR/GBP Forecast February 1, 2012, Technical Analysis
Originally posted here