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EUR/GBP Price forecast for the week of January 22, 2018, Technical Analysis

Christopher Lewis
Updated
The EUR/GBP pair has been going back and forth for several months, and we are currently in the middle of that area. I think there is significant support going down to the 0.87 level, which is a massive barrier of support in form of the 61.8% Fibonacci retracement level. I suspect that we will continue to see interest in the EURO below.

The EUR/GBP pair has gone back and forth over the last several months, with the 0.87 level underneath offering massive support. The 0.90 level above is offering massive resistance, so I think the longer-term traders will probably be looking for buying pressure, but I also recognize that the overall proclivity of the market is sideways currently. This makes sense, because the negotiations between the European Union and the United Kingdom continue. While that goes on, it’s likely that we will continue to see very little in the way of longer-term trading. However, this makes an excellent opportunity for short-term traders to continue to profit until there is some type of agreement reached.

If we were to break down below the 0.87 level underneath, that would be the 61.8% Fibonacci retracement level being broken to the downside, and that almost always in my experience leads to the market reaching down to the 100% Fibonacci retracement level, currently seen at the 0.83 region. If we were to break above the 0.90 level, then the market goes looking towards the 0.93 level, which is what I suspect will probably happen. However, longer-term traders will need to wait for a breakout of the current consolidation to put money to work. I expect to see a lot of noise, and therefore short-term charts continue to make a lot of sense.

EUR/GBP Video 22.01.18

This article was originally posted on FX Empire

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