EUR/GBP Price Forecast March 19, 2018, Technical Analysis

The EUR/GBP pair has drifted a bit lower during the trading session on Friday, reaching towards the 0.88 handle. That is an area that should continue to be rather supportive, so I think that the market will probably continue to find buyers in this general vicinity as it has been the bottom of the overall consolidation for months. Ultimately, I think that the market probably goes higher after the stabilization and bounce, and I recognize that the 0.88 level offer support down to the 0.8780 level. If we were to break down below that level, then I think the market unwinds down to the 0.86 handle.

EUR/GBP Video 19.03.18

Ultimately, I think that the bounce will probably calm, and I think that we will go to the 0.89 level which is essentially “fair value” in the consolidation that I see on the weekly chart. If we can break above there, then we go looking towards the 0.90 level. Longer-term, I still believe in the uptrend, but I also recognize that there are lot of questions when it comes to the outcome of the negotiations between the European Union and the United Kingdom, and of course with the headlines that we continue to see from time to time, that will course add to the volatility. Until we get some type of clarity and definite result to those negotiations, I think it’s going to be difficult for this pair to breakout of the consolidated area that we have been in for so long.

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