EUR/GBP Forecast November 12, 2015, Technical Analysis

The EUR/GBP pair broke down during the course of the session on Wednesday, testing the 0.7050 handle. We believe that the support extends all the way down to the 0.70 level, which of course is a large, round, psychologically significant number, and an area that has shown interest in the markets in the past. Any rally at this point in time should be a selling opportunity on signs of exhaustion, as we see massive resistance up near the 0.72 handle. Ultimately, we have no interest in buying this market at the moment until we get a longer-term “buy-and-hold” type of signal.