EUR/GBP Forecast February 14, 2017, Technical Analysis

The EUR/GBP pair broke down below the 0.85 level on Monday, reaching towards the 0.8450 level. If we can break down below there, the market then is free to reach towards the 0.8350 handle. However, we get some type of supportive candle, we could bounce and reach towards the 0.8650 level above. That would be a return to the consolidation. Having said that, it looks as if the sellers are starting to take control currently, and that leads me to believe that a breakdown is more likely than a bounce. Either way though, expect choppiness.