By FXEmpire.com
The EUR/GBP pair rose during most of the session on Wednesday as the Pound suffered against the rest of the currencies. The Bank of England lowered growth forecasts as it expressed concerns about inflation, making people run from the Pound in general. The 0.80 level is being tested at the moment, and we feel this level will be vital to control if the bears wish to continue the downtrend. Because of this, we are very leery about getting involved at the moment as would hesitate to get involved until we get a nice long candle or at least a decisive one on the daily time frame at this level. We still believe that the Euro is the worst of the two, but the market will have to confirm that it agrees before we risk our trading account.
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Originally posted here
