EUR/GBP Forecast June 21, 2016, Technical Analysis

The EUR/GBP pair gapped lower at the open on Monday, and then continue to go lower. This is mainly a knee-jerk reaction to the most recent polls coming out of the United Kingdom that suggests perhaps the recent move has been towards the “remain” possibility, but in the meantime we will have quite a bit of volatility and it’s impossible to imagine that the markets will be calm for the meantime. With this, I expect quite a bit of back and forth trading over the next several sessions as we await the vote coming out of the United Kingdom. Honestly, this is probably a market that should be avoided.