EUR/GBP Forecast January 27, 2017, Technical Analysis

The EUR/GBP pair initially tried to rally during the day on Thursday but found enough resistance above the 0.85 level to turn things back around a break below there. I think that the market continues to drop from here, perhaps reaching towards the 0.8350 level. This is an area that will be very noisy, so having said that it’s likely that the choppy conditions will be paramount. A break above the top of the candle for the session would be a buying opportunity, perhaps reaching towards the 0.8650 level above. Ultimately, it may be easier to trade both currencies against other ones instead of each other.