EUR/GBP rose for the first part of the session on Tuesday as the markets started to rally in general. However, towards the later hours this pair saw a fall to continue the recent run. The shape of the daily candle is a shooting star, and the market looks weak.
The 0.83 level below is a trigger for us to start shorting this pair again. The level will have to be closed below on a daily chart for us to sell and aim for the 0.80 level. The pair isn’t going to be easily bought though, as the trend is decidedly bearish at the moment. A bounce would simply have us looking for weakness to sell nearer the 0.84 and 0.85 resistance lines.
EUR/GBP Forecast January 4th, 2012, Technical Analysis
Originally posted here
