EUR/GBP Forecast Nov. 23rd, 2011, Technical Analysis

EUR/GBP rose during the Tuesday session, but found a large amount of resistance at the 0.8650 level. The area was resistance recently, and has served as support in the past. Because of this, the shooting star candle that has formed for the day on Tuesday isn’t a big surprise. With this in mind, a break of the lows on Tuesday should see this pair fall back down to the 0.85 levels as we consolidate at these lower levels. If the top of the shooting star gets violated, we think the pair marches back to the 0.88 level as it has been a magnet over time as well.

EUR/GBP Forecast Nov. 23rd, 2011, Technical Analysis EUR/GBP Forecast Nov. 23rd, 2011, Technical Analysis

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