By FXEmpire.com
The EUR/GBP pair had a bearish session on Monday in light volume. The market is currently testing out the 0.80 level to see which way the pair is going to move next. With both of these currencies so beat up lately, this really is a battle between two lightweights in the Forex world. However, there is significantly more headline risk in owning the Euro than the Pound, and as such we feel the downtrend should continue.
The 0.80 level has to give way completely in order for us to feel comfortable selling, and as a signal we are waiting for a fresh new low on the daily close. Rallies will also be sold, especially around the 0.81 level if we get a resistive candle.
Click here to read EUR/GBP Technical Analysis.
Originally posted here
