EUR/GBP Forecast January 12, 2017, Technical Analysis

The EUR/GBP pair went back and forth during the day on Wednesday, testing the 0.87 level again. This is an area that continues to show significant amounts of resistance though, so I believe it’s only a matter time before we break down. However, if we break above the top of the shooting star from the session on Tuesday, it should be a signal to start buying. However, I believe that we are going to break down below the bottom of the range for the session on Wednesday, sending this market lower. Ultimately, it’s going to be easier to short that it will be to buy this pair.