EUR/GBP Forecast February 16, 2017, Technical Analysis

The EUR/GBP pair rally during the day on Wednesday, but continues to struggle with the area above the 0.85 as it seems to be quite resistive. Because of this, I don’t necessarily want to trade this market, but I recognize that there is a general negativity to it, albeit only slight. I believe that there are easier trades to take out there, and thus I’m going to stand on the sidelines. However, I recognize that a resistive candle could end up being a nice selling opportunity in a market that looks as if it wants to go down to the 0.83 handle.

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