EUR/GBP Forecast February 24, 2017, Technical Analysis

The EUR/GBP pair initially tried to rally during the day on Thursday, testing the 0.85 level. That’s an area that has a lot of interest in it, so I think that the market should continue to drift lower. However, this is a very choppy market and it makes quite a bit of sense that prudent traders will stay on the sidelines. If we do breakdown though, I think that the market should then reach out to the 0.8350 level underneath. A break above the 0.85 level probably has the market reaching towards the 50-day exponential moving average pictured on this chart.