EUR/GBP Forecast June 9, 2017, Technical Analysis

The EUR/GBP pair had a very volatile session on Thursday as one would expect, as the 2 currencies represent a couple of the biggest news events during the day. We have the UK parliamentary elections, while having and ECB Interest Rate Decision. While the decision itself was an important, comments during the press conference of course were what people were paying attention to, especially when it comes to quantitative easing. With this being the case, looks as if the British pound is starting to win the battle between the 2 currencies, which makes sense as there has been so much concern about the election and it now appears that the Conservative party will continue to run the show, and may have even picked up a few seats.
Continued volatility
I believe that this market will continue to be very volatile, because quite frankly we have plenty of reason to pay attention to headlines. As the United Kingdom leaves the European Union, this will course cause quite a bit of volatility, and I believe that will continue to cause issues in this pair from time to time. Quite frankly, I think we need a couple of days to calm down in order to put any real money to work here, but I would say it looks as if the market may be looking to reach towards the 0.86 level in the short term. Nonetheless, I don’t have any interest in trying to guess where the markets can go next, because I believe quite frankly a few misplaced words could cause a significant move in a very short amount of time. Perhaps Monday will be a better trading session for this pair, because there so much in the way of danger just waiting to happen.
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