By FXEmpire.com
The EUR/GBP pair had a slightly negative week which should hardly be a surprise. With all of the drama surrounding Europe, it is very difficult to go long the euro against any currency. Granted, the British economy is highly exposed to Europe, and therefore this is a fight between two currencies that have a certain amount of issues.
However, having said that it looks as if we are still in a bearish flag that has formed over time. If the bottom of this flag gives out, we suspect that price will go down to 0.76 before it’s all said and done. We certainly don’t like buying the euro under any circumstances, and simply see selling this as picking the lesser of two evils. Because of this, we will sell a break of the bottom of the flag and continuation below the 0.80 level.
Click here to read EUR/GBP Technical Analysis.
Originally posted here
