EUR/GBP Forecast December 15, 2016, Technical Analysis

The EUR/GBP pair did almost nothing during the day on Wednesday as the currency markets were relatively quiet. This makes quite a bit of sense as there is a British interest rate announcement coming out today, but ultimately I think what’s going to happen more than anything else is that we will breakdown below the all-important 0.83 handle. Any rally at this point in time looks like a nice selling opportunity, especially on signs of exhaustion near the 0.86 handle. I have no interest in buying the spare the moment, I believe that the real trouble is found in the European Union, not the United Kingdom.