EUR/GBP Forecast January 19, 2017, Technical Analysis

The EUR/GBP pair initially rallied on Thursday, but shows signs of exhaustion above. I think that the market will probably favor the downside, but we do have a lot of noise underneath that could cause a bit of a bounce. Ultimately, I think you’re going to get a lot of volatility when it comes to these two currencies, but it’ll be interesting to see whether the buyers can support this market. I think that it’s probably a bit too dangerous to deal with right now, so I’m on the sidelines waiting for clarity.