EUR/GBP Price Forecast March 12, 2018, Technical Analysis

The EUR/GBP pair fell during most of the trading session on Friday, reaching down towards the 0.885 handle. There is a little bit of support in this area, and I think there is plenty of support under here as well. Ultimately, I think that the market will bounce and reach towards the highs again. · FX Empire

Christopher Lewis

Updated Fri, Mar 9, 2018, 10:09 PM

The EUR/GBP pair fell during the trading session on Friday, reaching down towards the 0.88 75 level, an area that is minor support. If we bounce from here, the market should then go to the 0.89 level, and then eventually the 0.8950 level. If we break down below the 0.885 handle, then it probably opens the door down to the 0.88 handle. The overall attitude of the market is sideways, and a 300-point range. We got a bit too high for that area, so I think that the market probably pulls back a little bit, but at the end of the day I still believe that the uptrend is intact, and I think that we will eventually see buyers jumping into this market.

I think that eventually won the value hunters come back in, we may see a surge above the 0.90 level. A break above there sends the market looking towards the 0.93 level. That was the most recent highs in the market, and I believe that we will eventually break above there. However, if we were to break down below the 0.87 handle, that should send the market back down to the 0.83 handle. Ultimately, I do believe in the uptrend though, but I recognize that there is a significant amount headline risk that attaches itself to this market as London and Brussels continue to go back and forth about the United Kingdom leaving the European Union.