By FX Empire.com
The EUR/GBP pair rose again during the Wednesday session as the Euro continues to get a boost on the hopes of a workout in Athens. The debt crisis talks continue, and as long as the market is going to be fairly patient, there will be no rush to get anything done. However, one has to think that the markets will turn rapidly when the levee breaks on optimism.
The 0.84 level just above is resistive in our eyes, and at this level is where we will pay attention for potential shorting opportunities. The pair is in a massive downtrend lately, and this recent “bullish” action, is actually more or less consolidation. Because of this – we only sell this pair, and will do so again close to the 0.84 level on weak candlestick formations.
EUR/GBP Forecast February 9, 2012, Technical Analysis
Originally posted here
