EUR/GBP Forecast December 14, 2016, Technical Analysis

The EUR/GBP pair initially fell on Tuesday, but turned around to form a bit of a hammer. I believe that the 0.83 level will continue to be supportive, so a bounce from here should be much to ask. I also recognize that there is a lot of exhaustion above just waiting to happen, so as soon as we get an exhaustive candle, I am a seller. I believe that the 0.87 level above is massively resistive, and because of this I have no interest in buying and believe that sooner or later the British pound will offer “value” that we can figure advantage of.