EUR/GBP broke through the 0.84 resistance level during the session on Wednesday as the Bank of England minutes show the central bank is more likely than not to continue to expand the easing the bank has been doing. The level gave way, but it should be noted that the 0.85 level is just above, and that area is a much more serious point of resistance. The Euro isn’t a currency that we like owning in general, and as a result we aren’t willing to buy it here either. The 0.85 level needs to be closed above on a daily chart in order for us to consider buying. Otherwise, we are selling signs of weakness as we approach the area.
EUR/GBP Forecast February 23, 2012, Technical Analysis
Originally posted here
