EUR/GBP Forecast August 5, 2015, Technical Analysis

The EUR/GBP pair initially tried to rally during the course of the session on Tuesday, but turned back around to test of the 0.70 level. Ultimately, the shooting star suggests that we are going to go lower, but we aren’t interested in shorting this market quite yet. We believe that we need to break down to a fresh, new low in order to do so. For the most part, we are content to sit on the sidelines as the market simply cannot move freely at the moment as we continue to see quite a bit of volatility in choppiness.