EUR/GBP forecast May 23, 2016, Technical Analysis

The EUR/GBP pair rose during the course of the day on Friday, breaking above the top of the hammer from the Thursday session. This is a very bullish sign, at least for the short-term. Ultimately, if we can break above the top of the range during the day, we feel that the market could very well go to the 0.7850 level. If we break down below the bottom of the hammer from the Thursday session though, it will be a very negative sign and could have the sellers feeling more emboldened at that point.

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