EUR/GBP Forecast February 8, 2017, Technical Analysis

The EUR/GBP pair went back and forth during the day on Tuesday, as we continue to bounce around between the 50% Fibonacci retracement level and the 38.2% Fibonacci retracement level. Also, we have the 50-day exponential moving average just below, so expect a lot of choppiness. On a day when both currencies lost significant strength against the US dollar, this is probably going to be a very difficult market to navigate. Because of this, I’m going to wait until we see some signs of impulsivity to start putting money to work again.