Category: Forex News, News

EUR/GBP Forecast Today 03/06: Choppy Market Behavior (Video)

By Published On: June 3, 20241.9 min readViews: 2030 Comments on EUR/GBP Forecast Today 03/06: Choppy Market Behavior (Video)

  • The Euro has taken off against the British pound during the trading session on Friday, but it did of course face a few headwinds and it gave back about half the gains.
  • This is a very interesting pair to me at the moment.
  • We are sitting just above the 0.85 level, an area that of course is a large round psychologically significant figure and an area that previously had been support throughout the last several years.

So, I think this is an area where value hunters start to come back into the picture and if for some reason the ECB holds rates high for a little longer than anticipated, that could be what sends this market higher. Right now, we are basically at the bottom of a larger consolidation area between the 0.85 level and the 0.86 level and therefore I think it’s more of a buy on the dip market.

Can we take off?

Whether or not we can take off to the upside remains to be seen, but it certainly looks like the support is rock solid. That being said, if we were to break down below the 0.8450 level, then it’s possible that the market could unwind to the 0.84 level, but I don’t think that’s very likely, at least not at the moment.

However, one thing that you can count on is a lot of choppy behavior in this market as that is the norm, as you can see on the chart. So, with this, you’re going to have to be patient, but it looks like a bounce is probably in the works over the next several weeks. Because of the nature of the EUR/GBP pair though, you will have to realize that there are going to be days where it seems like it’s going nowhere. However, you should also keep in mind that the pip value is much higher than most other pairs, so it does not take as big of a move as it would in many of the others that you might be used to trading.

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