By FXEmpire.com
EUR/GBP rose during the session as speculation of a European fix came into play. However, we are approaching the bottom of the bearish flag that broke down, and we should see resistance just above. We suspect that 80.50 will be very difficult for the bulls to overcome, barring any type of announcement out of Europe.
We still suspect of this market has much further to go to the downside. We think that as long as we can stay below that area, it is a seller’s market. The bearish flag measures for a move to 0.76 and we believe that this will be the level market heads to. As for buying, we simply could not do that with all the noise above. We are either selling, or we’re doing nothing.
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Originally posted here
