EUR/GBP Forecast June 8, 2012, Technical Analysis

The EUR/GBP pair fell for the session on Thursday as the 0.81 level continues to attract price. The pair is currently struggling with who is in worse shape – Europe or the United Kingdom. The truth is that the British are suffering because of Europe, but the reality is that it doesn’t matter. Both economies are anemic at this point, and this is a struggle between two lightweights.

The pair is trying to find support at this level, and a break of the highs from earlier this week could be thought of as a buy signal, albeit for just a short term trade. The fact is that we are still in a downtrend, and this pair will often chop about….something that looks highly likely now.