EUR/GBP Forecast October 6, 2016, Technical Analysis

The EUR/GBP pair initially tried to rally during the course of the session on Wednesday, but turned around to form a shooting star. This makes a lot of sense for me though, because I think that the market will have to pullback to find a certain amount of strength, as we have been overextended. I believe the 0.87 level below is supportive, as it was previously resistive. On the other hand, we could break above the top of the candle, and that of course should send this market much higher, perhaps to the 0.90 handle.

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