EUR/GBP Forecast March 3, 2016, Technical Analysis

The EUR/GBP pair went back and forth during the course of the day on Wednesday but ultimately settled on a fairly negative candle. Because of this, it’s very likely that this market will continue to see bearish pressure, but it does appear that the 0.77 level is somewhat supportive. With this, if we broke down below the bottom of the range for the session on Wednesday, we think that the market will probably try the 0.75 handle. Break down below there would be very bearish, and at this point time we are not going to do so. Ultimately, we will wait to see what the daily candle brings before placing a trade.