EUR/GBP Forecast October 20, 2016, Technical Analysis

The EUR/GBP pair went back and forth during the course of the session on Wednesday, forming a relatively neutral candle. It appears now that perhaps the buyers will try to go back, but the 0.90 level above is massively resistive. If we do break down below the bottom of the candle for the day, I feel that we will probably drop down to the 0.87 handle. That should be massively supportive, so having said that I believe that this is a “buy only” market, but it’s just a simple matter of waiting to see when the market starts to go higher again.