EUR/GBP Forecast March 20, 2017, Technical Analysis

The EUR/GBP pair initially tried to rally on Friday but fell slightly and as the consolidation continues. I believe that there is a significant amount of support near the 0.86 level, so as we reach towards that level, I think that the buyers will return. I’m willing to buy this market on a bounce or a supportive candle such as a hammer. However, as this market tends to be rather choppy I’m going to wait until we get a daily close to take any trade. A breakdown below the 0.86 level would send this market looking for the 0.85 handle however.