EUR/GBP rose on Wednesday as the pair reversed its recent direction. The Pound was sold off in general during the session, and the pair was simply tracking the rest of the markets. The pair is most decidedly bearish, and as a result we are not willing to buy it. We would rather look for selling opportunities at higher levels as the move downward has been very impressive. The 0.83 level would be an ideal area to see a weak candle from which to get involved in on the short side. Above that – 0.84 and 0.85 are both prime spots to see weakness to sell as well.
EUR/GBP Forecast January 12, 2012, Technical Analysis
Originally posted here
