Currency pair Euro Pound EUR/GBP continues to move within the framework of the bullish correction. At the time of the Forex forecast publication, the Euro rate to the British Pound is 0.8948. At the moment, we should expect a test of the resistance level near the area of 0.8960, then a rebound and the continuation of the EUR/GBP quotes decline below 0.8810.
EUR/GBP Forecast for Euro Pound August 17, 2018
In favor of reducing the pair EUR/GBP, a trend line test will be performed on the relative strength index (RSI), as well as the formation of the «Head and Shoulders» reversal model. The cancellation of the variant of falling quotations of the currency pair Euro/Pound for Forex will be a strong growth and breakdown at the level of 0.9000, which will indicate the breakdown of the resistance area and the continuation of the EUR/GBP quotations growth in the area above the level of 0.9150. To expect confirmation of the fall of the pair is with the breakdown of the support area and the closing of quotations below the level of 0.8870.
EUR/GBP Forecast for Euro Pound August 17, 2018 suggests a test of the resistance area near the level of 0.8960 and the continuation of the fall of the pair in the area below the level of 0.8810, in favor of the fall, a downtrend test on the relative strength index (RSI).