EUR/GBP Weekly Price Forecast – continued consolidation

The EUR/GBP pair continues to grind sideways overall, and I think that it is likely that the longer-term traders are on the sidelines as we don’t have any significant amount of clarity when it comes to this market. Short-term traders continue to push this market back and forth and there are a lot of traders that will be looking to go back and forth in short burst, but as far as holding onto the market for a significant move, we need to get some type of resolution between the European Union and the United Kingdom as far as exiting is concerned.

Until we get to that point, I think this market remains sideways overall, and if we did break above the 0.8833 level, then the market could go to the 0.90 level above there. Otherwise, if we break down below the bottom of the weekly candle, we could roll over towards the 0.86 level after that. Overall, this is a market that is very lackluster for longer-term traders, but again, I believe that short-term traders will continue to flock to it. If we do get some type of move in the negotiations, then we can put money to work. Until then, longer-term traders are best served by leaving this pair alone as we just don’t have any clarity as far as direction is concerned. Beyond that, headlines can continue to slap this pair around as an errant comment from a politician could move things.