By FXEmpire.com
The EUR/GBP pair fell slightly during the Monday session as the Euro concerns continued. The Europeans have a summit late in the week, and because of this, there will be frayed nerves when it comes to the Euro for most of the week. If the Europeans fail to come up with some kind of solution – the Euro should lose value.
This pair has been forming a bearish flag over time, and we are at the bottom of the formation. This flag measures for a move down to the 0.76 level, and if this market triggers this signal by breaking lower -we are aiming for that level. As for buying – we don’t. We also expect that the 0.80 level could cause some kind of reaction as well, so conservative traders may want to wait until that area is cleared to the downside in order to sell.
Click here to read EUR/GBP Technical Analysis.
Originally posted here
