The EUR/GBP pair rose for most of the session on Monday, but lost much of its upward momentum to selloff in later trading hours. The fall produced a shooting star in this pair, and at the bottom of a significant fall. This normally signals continuation, and with the recent trend being to the downside, we are most comfortable selling. However, we understand that the 0.83 level will more than likely offer support. We are selling on rallies, and more importantly – when we get a daily close below the 0.83 level.
EUR/GBP Forecast March 6, 2012, Technical Analysis
Originally posted here
