EUR/GBP Forecast September 29, 2016, Technical Analysis

The EUR/GBP pair went back and forth during the course of the session on Wednesday, but turned around to form a hammer. A breakdown above the top of the hammer could send this market towards the 0.87 level yet again. This is an area that’s been massively resistive, so we can break above there I think it’s a sign that we are going to go much higher. On the other hand, I have no interest in selling because I believe there is massive support near the 0.86 handle, and then the 0.85 handle below there.

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