EUR/GBP Price Forecast February 23, 2018, Technical Analysis

The EUR/GBP pair has gone back and forth during the trading session on Thursday, as the market has found a significant amount of support at the 0.88 level underneath. That is an area that has been important more than once, so it makes sense that we have seen a lot of buyers. At this point, the markets should continue to find plenty of reasons to go long, perhaps reaching towards the 0.89 level.

That’s an area that has been important more than once, and I believe that the market continues to be one that moves suddenly and violently, especially considering that the market participants will be dealing with headlines coming out of the European Union and the United Kingdom, so at this point is can be difficult to hang onto a trade for any length of time. I believe that the market will continue to be one that you need to trade short-term at best, and I think that the longer-term trader will struggle a bit. However, speaking of longer-term I believe that this market will continue to go higher, perhaps reaching the 0.90 level, and then eventually breaking out above there. With that in mind, if you are a longer-term trader, perhaps adding slowly and building as the market moves in your favor is probably the best way to go.

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