EUR/GBP forecast for the week of July 3, 2017, Technical Analysis

The EUR/GBP pair initially tried to rally during the week, but turned around to form a shooting star at the 0.88 handle. The market looks as if it is starting to run into a significant amount of resistance, so we break down below the bottom of the weekly candle, it’s likely that we could pull back to the 0.83 level underneath. This is a market that continues to grind sideways and it makes a lot of sense that the overall attitude of this market will be choppy due to the negotiations between the United Kingdom and the European Union. Alternately, if we break above the top of the shooting star for the week, that’s a very bullish sign that the market could be going to the 0.90 level.

EUR/GBP Video 03.7.17