EUR/GBP Forecast February 2, 2017, Technical Analysis

The EUR/GBP pair broke down during the session on Wednesday, clearing the bottom of the shooting star from Tuesday. As we crashed into the 0.85 handle, we found quite a bit of support, which of course makes sense as it is a large, round, psychologically significant number. If we can break down below the 0.8450 level, I feel that the market then can go down to lower levels. However, if we get a bounce or a supportive candle here, I think we to simply continue to chop back and forth in a tight consolidation range.