EUR/GBP Forecast December 19, 2016, Technical Analysis

The EUR/GBP pair initially tried to rally on Friday but turned around to form a slightly negative candle. Most importantly to me on this chart is that the 0.83 level below continues to be support. If we can break down below there, I think the market can then reach to the 0.80 level under that. Rallies at this point in time should continue to be selling opportunities, because quite frankly the ECB extended quantitative easing by another 9 months certainly is negative for the Euro overall. Because of this, I have no interest in buying this market and believe that it’s only a matter of time before we do break lower.

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