EUR/GBP Forecast August 6, 2015, Technical Analysis

The EUR/GBP pair initially fell during the course of the day on Wednesday, but as you can see found enough support below to turn things back around and form a hammer. With this, the market looks as if we could bounce from here, and a move above the 0.70 level will more than likely send this market looking for the 0.7140 region. If we can break down below the bottom of the hammer, that of course is a very negative move, and would have us selling right away. With this, we believe that there are easier ways to trade both the Euro and the Pound at the moment though.