EUR/GBP Forecast May 31, 2016, Technical Analysis

The EUR/GBP pair initially rose during the day on Monday, but simply stayed within the recent consolidation area that we have been trading in. That being the case, the market looks as if the buyers and sellers simply cannot decide who is going to make the next move. However, overall it looks as if the sellers continue to run the market from the longer-term, so having said that rallies will more than likely offer selling opportunities as we would then go down to the 0.75 handle. It’s not until we break above the 0.7750 level that we would consider buying.