EUR/GBP fell on Monday as the market tested the 0.84 level yet again. The selling of the Euro is particularly telling as the Greeks passed the austerity measures only to see the Euro fall in general. The level looks to be the top of a massive consolidation level, and the bottom seems to be in the neighborhood of 0.83 as this pair likes to go sideways for long stretches of time. The problems in Europe continue to weigh on the Euro, so selling at this point is probably the prudent move as it is more than likely to see headline risks going forward. The trend has been down lately, so we are more comfortable with this kind of trade.
EUR/GBP Forecast February 14, 2012, Technical Analysis
Originally posted here
