EUR/GBP Price Forecast March 15, 2018, Technical Analysis

The EUR/GBP pair has been consolidating over the last 48 hours, with the 0.8850 level offering support. It looks as if the market is trying to find a reason to break down a little bit, but even then, I think that there is more than enough support at the 0.88 level to keep the market intact. Because of this, we might get a short-term selling opportunity, but that’s about it from the breakdown that is potentially going to happen. I think that the 0.88 level will bring in a lot more money, and it’s likely that we would turn around and rallied significantly from there.

If we were to break above the 0.89 level, then I think that the market will probably go looking towards the 0.90 level again, but ultimately when you look at the longer-term charts it becomes very obvious that we have been consolidating in general, with the 0.88 level on the bottom offering massive support, and the 0.90 level on the top offering massive resistance. Until we can get some type of certainty out of the negotiations between these 2 countries, it’s very unlikely that we are going to get certainty. Longer-term, you know that I still prefer this market to the upside as there is going to be more certainty coming out of the European Union, but at this point I think the upside is just as limited as the down because of the massive amount of support and resistance levels in this larger consolidation that we will be dealing with.