EUR/GBP fell for most of the session on Monday as the Euro sold off in general. However, later in the session we saw a bounce in the currency, and it pushed the pair higher to form a bullish hammer in this pair. The 0.85 level held as resistance a few days ago, and this could be the start of a second attempt to break through it. The level is a significant resistance area, and we think that the market will more than likely be attracted to the area. However, we aren’t willing to buy until we get a daily close above the 0.85 handle, and won’t sell until we see a weak daily candle.
EUR/GBP Forecast February 28, 2012, Technical Analysis
Originally posted here