EUR/GBP Forecast May 1, 2017, Technical Analysis

The EUR/GBP pair tried to rally during the session on Friday, but finds the market a bit too bearish. If we can break down below the 0.83 level, I feel that the market will extend the longer-term breakdown from the head and shoulders that we had seen recently. Because of this, I am waiting to see if we get that clearance of that I can start shorting. I don’t have any interest in buying, least not until we break above the recent high near the 0.8520 handle. Expect a lot of volatility regardless of what happens.