By FXEmpire.com
The EUR/GBP pair rose on Wednesday as the Euro gained in general. It should be noted that the Pound fell in general in various pairs, so this move wouldn’t have been very surprising. The 0.84 level above was always going to be resistive, and it looks as if the consolidation around the 0.83 to 0.84 level will continue. The pullback later in the day suggests that this pair isn’t going very far anytime soon. In fact, we aren’t involved in this pair simply because of this.
We are buyers of this pair on a daily close above the 0.85 level, and sellers below the 0.83 level on a daily close. Until then, we don’t feel that the action in this pair will be conducive for profitable trading.
EUR/GBP Forecast March 29, 2012, Technical Analysis
Originally posted here
