By FX Empire.com
EUR/GBP rose during the session on Tuesday as the Euro gained against most currencies out there. The rumors of a possible Greek bailout deal hit the markets again, and the markets bought the Euro as a result. However, at the end of the session we saw no agreement, and the pair pulled back ever so slightly. The 0.84 level above is massive resistance, and as a result we cannot buy this pair now.
The trend is down, and we will continue to follow it. The 0.84 level should show considerable resistance, and we will look for selling opportunities at that area. The 0.85 level above it should be resistive as well, and if 0.84 gives way, we will look to sell at 0.85 or so on weakness. A daily close above that level has us changing our opinion of this pair.
EUR/GBP Forecast February 8, 2012, Technical Analysis
Originally posted here
