EUR/GBP Forecast November 24, 2016, Technical Analysis

The EUR/GBP pair initially rallied on Wednesday, but found enough selling pressure to continue going lower. We broke below the 0.85 handle, and it looks as if we’re going to try to reach towards the 0.8350 level. Given enough time, we should reach their but it’s probably going to be a grind lower more than anything else. Because of this, I think that short-term rallies are probably how you have to start selling, as soon as they show signs of exhaustion. I have no interest in going long now, and recognize that we continue to see weakness.

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