EUR/GBP Forecast December 13, 2016, Technical Analysis

The EUR/GBP pair rallied initially during the day on Monday, but turned around to form a slightly negative candle. Because of this, I believe is only a matter of time before the sellers come back, pushing the market back towards the 0.83 level. Because of this, I am waiting to see whether we see a continuation of the downtrend so that I can start shorting again. A break below the 0.83 level should send this market looking for the 0.80 level over the next several weeks. I have no interest in buying, and every rally at this point looks like it’s offering value in the British pound.