EUR/GBP Forecast April 19, 2017, Technical Analysis

The EUR/GBP pair initially tried to rally during the session on Tuesday, but found enough resistance at the 0.85 level to be turned around. By doing so, we broke below the bottom of a massive uptrend line, and now have cleared the 200-day exponential moving average. Because of this, the market looks as if it is ready to fall rather significantly, and I am extremely bearish as the British pound has broken out in general. Short-term rally should continue to be selling opportunities and I believe that this is the beginning of something rather big in this market.