EUR/GBP choppy during training on Wednesday

The EUR/GBP pair rallied initially during the trading session on Wednesday but found enough resistance near the 0.8750 level to roll things over again and go back down. I think that the market is going to be in a very tight consolidation range, as we are approaching a very noisy area, but I would also point out that the 0.87 level has been rather supportive longer term. It is because of this that I am looking for buying opportunities to present themselves. If they do, then I’m a buyer on signs of support or an impulsive green candles. The 0.88 level would be the next target, and longer-term we could go as high as 0.90, and stay within the overall consolidation.

As per usual, you will have to pay attention to headlines coming out of politician’s mouths in either the European Union or the United Kingdom, as they could certainly move where this pair goes next. If we were to break down to a fresh, new low, we could go down to the 0.86 level, which is even more significant in its importance on longer-term charts. I believe that we will continue to grind in this market, but currently I’m looking for a reason to go long, not short. Obviously, daily closes will be monitored, as it could show a breaking of what has been reasonably reliable support.