By FXEmpire.com
The EUR/GBP pair bounced a bit during the session on Wednesday in order to retest the 0.80 handle. The pair has recently formed a bearish flag, and the bottom of it has been broken. The 0.80 level is the last stand by the bulls at the moment and the breaking down of this market will rely heavily on clearing the “area.” The implied move by the “height” of the pole on the flag suggests that the pair is heading to the 0.76 level, and if the European Union summit produces more negativity, this shouldn’t be a surprise. On a break below the recent lows, we would be comfortable selling. Buying isn’t a thought at the moment.
Click here to read EUR/GBP Technical Analysis.
Originally posted here
