EUR/GBP Forecast April 4, 2017, Technical Analysis

The EUR/GBP pair bounced on Monday, as the British pound took it on the chin. It looks as if the 0.85 level will offer a bit of support, so I would not be surprised at all to see this market bounced slightly. Because of this, I am interested in going long, but I recognize that this is a short-term trade at best. Ultimately, I believe that the 200-day exponential moving average, pictured in black below, is probably the main driver of support right now. I believe that this market will continue to be very choppy.

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