EUR/GBP Forecast February 17, 2017, Technical Analysis

The EUR/GBP pair initially fell during the day on Thursday but found enough support below the 0.85 level to turn this market to the upside. It looks as if we are going to test the 50 day exponential moving average just above, near the 0.8560 level. Any type of exhaustive candle will more than likely be a selling opportunity, and therefore I will use it as such. On the other hand, if we can break above the 50 day moving average on a daily close, I’m more than willing to start going long for the short term.