EUR/GBP Forecast May 19, 2016, Technical Analysis

A significant breakdown in the EUR/GBP pair happened during the session on Wednesday, as it looks like we are now trying to reach back towards the 0.76 handle. The candle was a very strong to the downside, and made a “lower low.” With this, the sellers are most certainly in control, as the British pound got quite a bit of a boost during the day and all currency markets. Given enough time we should see selling pressure enter the marketplace and short-term rallies, and of course a break down below the range for the session during Wednesday.