The EUR/GBP pair initially rallied during the course of the day on Wednesday, but ended up finding enough resistance above the 0.70 level to turn things
The EUR/GBP pair initially rallied during the course of the day on Wednesday, but ended up finding enough resistance above the 0.70 level to turn things around and form a shooting star. With this, if we can break down to a fresh, new low we believe the market will grind its way towards the 0.69 handle. There is a bit of support down there though, so we do not anticipate a massive move in the near term. We think that short-term rallies could be sold for scalping opportunities, but beyond that we don’t have much use for this market at the moment.
EUR/GBP Forecast November 19, 2015, Technical Analysis
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.
