EUR/GBP Forecast August 9, 2016, Technical Analysis

The EUR/GBP pair rose slightly during the session on Monday, crashing into the 0.85 level. The area is a large, round, psychologically important number, so there will continue to be a lot of interest on both sides at this level. I still believe that the Euro will outdo the Pound overall, as the United Kingdom is still being ‘punished’ for voting to leave the EU, so I think ultimately the Euro is ‘less bad’ than the Pound, and this pair will trade like that as such. I have no interest in selling.

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