EUR/GBP Forecast December 29, 2016, Technical Analysis

The EUR/GBP pair tried to rally at the open on Wednesday, but found enough resistance above to show stagnation again. Because of this, I feel that the sellers are going to get involved sooner rather than later, and trying to push this market down to the 0.83 level underneath. Ultimately, even if we break above here I believe that there are more than enough reasons to think that the resistance above will continue to work against the value the EUR. With this, I feel that the market will continue the longer-term downtrend.