EUR/GBP Forecast February 9, 2017, Technical Analysis

The EUR/GBP pair fell to the 0.85 level during the session on Wednesday, but found enough support to turn around. We are at the 61.8% Fibonacci retracement level, so it makes sense the perhaps some traders have decided to jump into this market at the “golden mean.” A break above the top of the range for the day on Wednesday should send this market towards the recent high, and perhaps even higher than that. If we breakdown below the 0.8450 level, the market should continue to go much lower. Regardless, this pair will continue to be volatile.

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