EUR/GBP Forecast February 10, 2016, Technical Analysis

The EUR/GBP pair went back and forth during the course of the day on Tuesday, as we tried to extend to the upside, as the 0.78 level has offered quite a bit of resistance. If we can break above the top the range for the day on Tuesday, the market should continue to go towards the 0.80 handle. Pullbacks at this point should be buying opportunities on signs of support, and we believe that the 0.75 level is the absolute bottom of this market going forward. Ultimately, the market looks as if longer-term traders will be rewarded for hanging on.

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