EUR/GBP Forecast January 31, 2017, Technical Analysis

The EUR/GBP pair initially dipped on Monday, but found enough support at the 0.85 level underneath to turn things around and form a hammer like candle. If we can break above the top of the candle, I believe that the Euro continues to reach towards the 0.8650 handle. I think that the support underneath is rather significant, so I’m not interested in selling anymore and we are starting to turn around at exactly where I said we needed to before changing the trend. In the way, I think you can expect quite a bit of volatility, but that’s the norm when it comes to this market.

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