EUR/GBP Forecast January 31, 2012, Technical Analysis

The EUR/GBP pair fell on Monday as it failed to crack the 0.84 level. The pair ran into the 0.8350 support level and stopped. Because of this, the pair looks very tight at this point, and a move could be coming in the short term. The trade in this pair is always choppy as the two economies are so intertwined, and this next few days won’t be much different more than likely. However, we have a fairly straightforward trade in our opinion: A daily close above the 0.84 level is bullish up to the 0.85 resistance level, and a close below the bottom of the Monday session has the market falling more and following the recent downtrend. 

EUR/GBP Forecast January 31, 2012, Technical Analysis
EUR/GBP Forecast January 31, 2012, Technical Analysis

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