EUR/GBP Forecast July 28, 2016, Technical Analysis

The EUR/GBP pair initially tried to rally during the course of the day on Wednesday, but turned around to form a bit of a shooting star. I believe that this market isn’t ready to go anywhere right now, mainly because both currencies are so unwanted. With that, I remain on the sidelines but they do recognize is probably more of a proclivity to go higher in this market than anything else, because of course the British pound is being sold off due to the exiting of the European Union. The European Union is very unstable at the moment, so it’s difficult to go long of the Euro but if I had to do something in this pair, it would certainly be buy.