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EUR/GBP Price forecast for the week of March 12, 2018, Technical Analysis

Christopher Lewis
Updated
The EUR/GBP pair showed a bit of volatility during the week, initially trying to rally but rolling over at the 0.90 reason to turn things around. By doing so, it looks as if we are going to continue to consolidate in general, between the 0.87 level of the bottom and the 0.90 level on the top.

The EUR/GBP pair initially rally during the week but turned around to form a negative candle. By doing so, it looks as if market participants are still debating where the negotiations may be leading. That of course keeps this market rather choppy and difficult to deal with, as there is a lot of uncertainty. Ultimately, I think that the uptrend continues, but of course we must pay attention to headlines and of course the risk that comes along with them. I believe that given enough time we will probably find the momentum to break out, but it could be several months before this happens. As a result, this pair is one that short-term traders love, and longer-term traders are easily bored with.

If we were to break out of this 300-point range, then the trade becomes obvious, simply follow the market and where it’s going next. If we break down, we probably go down to about 0.83. If we break to the upside, then we will more than likely test the 0.93 level, and perhaps even break out the fresh, new highs. In the meantime, it’s difficult to have a large position on in the market for a longer-term move, because there is simply not enough room to move, and there’s far too many headline risks out there. I think the given enough time though; this market will make its intentions very clear and become one of the better trades.

EUR/GBP Video 12.03.18

This article was originally posted on FX Empire

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