EUR/GBP Forecast January 3, 2017, Technical Analysis

The EUR/GBP pair fell on Friday, as we had gotten a little bit overextended. I see quite a bit of resistance just above and extending all the way to the 0.87 level, so selling it should continue to enter the market. We then could try to drop down towards the 0.83 handle, which I believe is the overall target currently. I have no interest in buying this pair, because of the overall resistance above, so I am a “sell the rallies” type of trader on short-term charts as we continue to go lower.

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