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Forex:_EUR/GBP_Outlook_Remains_Bearish_11.27.2012

Forex:_EUR/GBP_Outlook_Remains_Bearish_11.27.2012

David Song, Strategist

As the EURGBP struggles to put in a close above the 0.8100 figure, the pair appears to be carving a lower top ahead of December, and we may see a broader head-and-shoulders reversal pattern take shape as the Bank of England (BoE) drops its dovish tone for monetary policy. As the relative strength index on the EURGBP threatens the upward trend from earlier this month, the lack of momentum to test the October high (0.8163) should pave the way for a short-term selloff in the exchange rate, and we will wait for a bearish breakout in the oscillator to setup a short trade.

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