EUR/GBP Forecast February 23, 2017, Technical Analysis

The EUR/GBP pair initially fell on Wednesday, but found enough support to turn things around to form a hammer. The hammer of course is a bullish sign, so I think we could get a bit of a bounce from here. However, we are starting to make lower lows, so I believe that somewhere near the 0.85 level should be resistive action just waiting to happen, and I will be a seller when it happens. Alternately, if we can break down below the bottom of the candle for the session on Wednesday, I think that the market will then reach to the 0.83 level below. I don’t have any interest in buying.

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