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EUR/GBP Forecast December 5, 2016, Technical Analysis

By:
Christopher Lewis
Published: Dec 3, 2016, 03:34 UTC

The EUR/GBP pair fell on Friday, testing the hammer that had formed on Thursday. We still have plenty of support below though, and it’s not until we get

EUR/GBP daily chart, December 05, 2016

The EUR/GBP pair fell on Friday, testing the hammer that had formed on Thursday. We still have plenty of support below though, and it’s not until we get below the 0.8350 level that I would consider that this market should go lower. Any rally at this point should be a selling opportunity on signs of exhaustion. I.e. have no interest in buying this pair until we get above the 0.87 level on a daily close. Ultimately, this is a market that should continue to favor the British pound as the Euro is so soft at the moment.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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