EUR/GBP Forecast November 23, 2016, Technical Analysis

The EUR/GBP pair had a volatile session on Tuesday as we continue to grind lower. At this point, it’s likely that we will continue to go lower but it’s also just as likely that it will be very bumpy along the way. Because of this, it’s difficult to imagine getting involved in this market. Longer-term moves may be possible, but there will be easier ways to trade both the Euro and the Pound in the Forex world. I prefer trading both currencies against the US dollar, but recognize that if we can break above the 0.87 level, that would be a clear-cut “buy signal” in this market. Currently, it seems as if the market is trying to grind towards the 0.8350 handle.

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