EUR/GBP Forecast October 14, 2014, Technical Analysis

The EUR/GBP pair broke higher during the course of the day on Monday, clearing the 0.79 resistance barrier. Because of this, we feel that this market probably continues to go higher, reaching the top of the previous consolidation area. The consolidation area goes all the way to the 0.8050 level, and with that we feel that the market is short-term bullish, but we do not anticipate anything much in the way of a major move. Shorting at this point in time is difficult, unless of course we get the right resistant candle. We will wait until the daily close to make that decision.