By FX Empire.com
EUR/GBP had a bearish attitude for most of the Thursday session. The market fell as the “risk off” attitude about Europe came back into play. However, the 0.83 level has held as support and it looks by the hammer being printed for the session that the market wants to consolidate again. The 0.84 level above should continue to fight the bulls, and the 0.83 level looks as if it is trying to become serious support. Because of this, we see a very tight range going forward, and would think of this market as a scalping market. The selling of this pair at the 0.84 is by far our favorite trade, but a break of the Thursday highs could have us buying it for a very short-term move.
EUR/GBP Forecast February 17, 2012, Technical Analysis
Originally posted here
