By FX Empire.com
The EUR/GBP pair fell hard on Tuesday as the Euro suffered against many currencies on the whole. The pair has seen a lot of selling pressure from the 0.84 level yet again, and this suggests to us that perhaps the pair is looking to continue to consolidate between the 0.84 and 0.83 handles. The bias is to the downside, but this is only a battle between two currencies that are unloved, and this isn’t being determined on any real signs of strength out of either economy. With this in mind, we can only follow the trend and sell breakdowns and rallies. At this point though, we feel support is too close to sell now. We would prefer a bounce to sell, or a breakdown and daily close sub-0.83 as it shows a push forward by the sellers.
EUR/GBP Forecast March 14, 2012, Technical Analysis
Originally posted here
