EUR/GBP Forecast Dec. 8th, 2011, Technical Analysis

EUR/GBP fell hard on Wednesday as traders continue to sell the Euro. The Pound was actually fairly strong during the session in general, so this pair only had one way to go in the end. The 0.85 level below continues to hold as support, so the move was somewhat limited, and a downside break below that number is what it would take to get us to sell at this point. The most likely scenario is that we could continue to see consolidation between the 0.85 and 0.8650 levels, and this is what we are expecting to see as these two economies are so intertwined. The EU summit meeting over the next couple of days will be important to the future direction of this pair, so we are holding off on trading this pair currently.

EUR/GBP Forecast Dec. 8th, 2011, Technical Analysis EUR/GBP Forecast Dec. 8th, 2011, Technical Analysis

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