EUR/GBP Forecast June 29, 2016, Technical Analysis

Initially, the British pound gained a little bit of strength during the day on Tuesday, but gave back most of that strength as we turned around and formed a hammer. The hammer of course is a very bullish sign, and as a result it looks as if we are going to continue the upward momentum. I believe at this point in time that the 0.8150 level is essentially a floor in this market, and most certainly the 0.80 level will be, so I think these pullbacks will continue to be buying opportunities that traders will take advantage of. I still have a target of 0.85 going forward.

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