EUR/GBP Price Forecast December 28, 2017, Technical Analysis

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The EUR/GBP pair was very choppy during the trading session on Wednesday, as we continue to bounce from the 0.8850 level. The market is likely to continue going higher, and it’s possible we may be forming a bit of an ascending triangle. If this triangle breaks to the upside, meaning that we clear the 0.89 handle, it looks as if the market is ready to go to the 0.90 level after that. I think that if we can break above there, things get even more interesting. · FX Empire

Christopher Lewis

Updated Wed, Dec 27, 2017, 9:21 PM

The EUR/GBP pair should continue to be bullish, based upon the stability of the European Union against the questions around the United Kingdom. I believe that the market will continue to be very choppy, because it is going to be slave to the headlines coming out of the negotiations, but given enough time I think we should get some clarity, and one that clarity comes to the marketplace it should be good for the overall attitude of the uptrend. The 0.88 level underneath continues to be massively supportive, so if we break down below there it’s likely that the market could go much lower. I think that a break below the 0.88 level would be rather surprising, as it could send the market down to the 0.86 level after that. I think that the market continues to be a bit thin between now and the beginning of new year trading, so sudden and erratic movements could happen, and in the meantime, I would not read too much into what happens over the next couple of sessions. I still have an upward attitude when it comes to this market, and I think that given enough time the buyers will give us an opportunity to jump on the uptrend and ride towards the 0.93 level.