EUR/GBP Forecast February 23, 2016, Technical Analysis

The EUR/GBP pair initially tried to rally during the course of the session on Monday, but turned back around to form a bit of a shooting star. The 0.78 level offered enough resistance to turn things around. Ultimately, we think that short-term pullback should offer a buying opportunity closer to the 0.77 handle, or perhaps a break above the top of the shooting star for the day on Monday. Either way, we don’t really have much in the way of interest for selling this market. Ultimately, the British pound is struggling so the Euro should continue to go higher.