By FX Empire.com
The EUR/GBP pair continued its consolidation just below the 0.84 level this past week, and the action still looks bearish. The 0.8280 level on the daily chart seems to be somewhat supportive, but the candle still shows bearishness anyway. The pair is at low levels, and this consolidation simply makes sense as the pair will need to catch its breath. After all, this pair is more accustomed to grinding, not falling rapidly.
However, we are still Euro bears, and will continue to be overall. The Pound is strong at the moment, and more importantly – not the Euro. Because of this, we will short this pair on a break below the 0.8280 level. We won’t consider longs until we close above the 0.85 handle.
EUR/GBP Forecast for the Week of February 6, 2012, Technical Analysis
Originally posted here
