EUR/GBP Forecast December 20, 2016, Technical Analysis

The EUR/GBP pair rallied on Monday at the open, but has plenty of bearish pressure above that should continue to pushes market lower. I think the 0.83 level below is massively supportive, and a break down below that level would be extraordinarily negative. At that point, I believe that the market would continue to go much lower, perhaps down to the 0.80 level which is a major area on longer-term charts. I’ve got no interest in buying this pair, and believe that every time it rallies it will be a nice selling opportunity.

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