EUR/GBP Forecast November 18, 2015, Technical Analysis

The EUR/GBP pair broke down during the day on Tuesday, testing the 0.70 level. We even broke below there, but we bounced from the lows in order to show that the number is of course a supportive one. However, if we can break down below the lows from the Tuesday session, we are sellers. We also sell rallies that show signs of exhaustion above, as we believe the downtrend will continue in this market. We have no interest in buying at this point in time until we get a longer-term type of “buy-and-hold signal.”