EUR/GBP Forecast March 1, 2017, Technical Analysis

The EUR/GBP pair rally during the day on Tuesday, as we broke above the 0.85 level. However, I see a lot of noise just above, so I’m waiting to see whether we can form a negative candle to start selling. I would also like to see a breakdown below the 0.85 level to do the same. Longer-term, the chart looks as if it is trying to form some type of head and shoulders, and if it does we should break down significantly. However, currently I don’t have a signal at all and will remain on the sidelines.