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EUR/GBP Price forecast for the week of February 19, 2018, Technical Analysis

Christopher Lewis
Updated
The EUR/GBP pair has gone back and forth during the week again, ultimately ending up with a shooting star. It looks as if the market is dancing around the 0.88 handle, so I think at this point we will probably drift lower, only to find buyers underneath.

The EUR/GBP pair has been going back and forth over the last several months, as we continue the negotiations between the European Union and the United Kingdom. Ultimately, it looks as if the 0.87 level underneath is the “floor” in the market, while the 0.90 level above is resistance. The 0.88 level seems to be an area of significant interest as well, so I think that the choppiness will continue. It is because of this that it is probably better to trade this market with a shorter-term range bound system. Long-term traders are going to struggle to make any money in this market, least not until we get some type of clarity with the negotiations. I don’t think were that close to it, and at this point longer-term traders are probably better off trading both the Euro and the Pound against the US dollar or some other currency.

If we were to break down below the 0.87 handle, the market could go down to the 0.85 level next. Otherwise, if we break out to the upside, then I think we retest the 0.93 level above, which was the recent all-time high. I think that the longer-term uptrend should continue, but until we know how the negotiations are going to turn out, is very unlikely that we will make that large move, as there will be a lot of concern due to potential headline shocks coming out. Remember, this pair doesn’t need to move is much as the others, because the tick value is so much higher.

EUR/GBP Video 19.02.18

This article was originally posted on FX Empire

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