EUR/GBP Forecast December 8, 2016, Technical Analysis

The EUR/GBP pair rallied during the day on Wednesday, but still has quite a bit of resistance above to continue going higher. The 0.87 level above is essentially the “ceiling” in this market, so I think any type of exhaustive candle is a nice selling opportunity. An exhaustive candle is more than likely going to signal that we’re going to continue the longer-term target. Ultimately, the 0.83 level below will be targeted again, so having said that I think that it represents a longer-term selling opportunity when we do get the exhaustive candle above that should appear soon.