EUR/GBP Price Forecast March 16, 2018, Technical Analysis

The EUR/GBP pair initially rally during the trading session on Thursday, but then turned right back around to break even lower. I think that the 0.88 level underneath is massive in its influence, so I think it’s only a matter of time before buyers get involved. I’m looking to buy this pair in that area, at the first signs of a bounce. I think that we will continue to see a lot of noise, especially considering we have so many issues with the negotiations between the politicians of both economies. Because of this, I think that the market will continue to be very noisy, but we have seen so much in the way of support near the 0.88 level, I don’t think it’s going to change.

The ceiling of the market has been the 0.90 level for some time, I don’t expect that to be changing anytime soon, least not until we are done with negotiations. With that in mind, I’m looking to buy this pair on this dip, and I also look at it as a longer-term uptrend trying to confirm the next move higher. It’s going to be difficult to do though, at least until we’re done with all the noise coming out of Brussels and London. Remember to keep your trading size rather small, only adding once you are proven correct in your trading. If we break out of this range, then it becomes a completely different conversation.