By FXEmpire.com
The EUR/GBP pair had a bullish session on Thursday as the value of the Pound was crushed in several markets at once. This wasn’t so much a Eurocentric strengthening, rather an anti-Pound move. The pair should continue to find the 0.80 level like a magnet in the meantime, as it is a long-term area of equilibrium for this market. The recent action looks as if the pair is trying to find a temporary bottom, but the truth is the pair features two very weak currencies, so this is really a battle between two ugly currencies. Because of this, we are waiting for a break below of the 0.80 level on a daily chart to sell. Otherwise, we really don’t see a reason to be involved.
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Originally posted here
