By FX Empire.com
The EUR/GBP pair fell during the Wednesday session, crashing into the 0.83 support level. The resulting candle for the day is a hammer, and as such we think that a bounce coming. The breaking of the top of the hammer suggests that we will bounce to the 0.84 level again, and a break of the bottom of the candle suggests that we are moving much lower. We are still bearish of this pair on the whole, and prefer the sell signal if we get it. We think that over time, the problems in Europe will far outweigh the problems in the United Kingdom, pushing this pair down to 0.80 or so.
EUR/GBP Forecast March 15, 2012, Technical Analysis
Originally posted here
