Take Profit 1 - 0.8654
Take Profit 2 - 0.8704
Take Profit 3 - 0.8754
Stop loss - 0.8474
The EURGBP pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 0.8574, and a buy entry point of 0.8574 is just below the recent high of 0.8594.
There are a few reasons why EURGBP could continue to rise in the near term. First, the EUR is generally seen as a safe haven currency, and it has been strengthening against the GBP in recent weeks as concerns about the global economy have grown. Second, the European Central Bank is expected to raise interest rates more quickly than the Bank of England, which could put upward pressure on the EUR against the GBP. Finally, the UK economy is facing some headwinds, such as the war in Ukraine and the ongoing Brexit negotiations. These headwinds could weigh on the GBP and lead to a decline in the EURGBP pair.
Technical analysis:
From a technical perspective, the EURGBP pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming a bullish ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The European economy is expected to grow more slowly than the UK economy in the near term. This is due to a number of factors, including the war in Ukraine and the ongoing Brexit negotiations. However, the European Central Bank is expected to raise interest rates more quickly than the Bank of England, which could lead to a relative outperformance of the EUR against the GBP.
Risks:
There are a few risks to consider before entering a trade on EURGBP. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the EURGBP pair. Second, the Bank of England is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the GBP. Finally, the UK economy is facing some headwinds, such as the war in Ukraine and the ongoing Brexit negotiations. These headwinds could weigh on the GBP and lead to a decline in the EURGBP pair.
Overall:
I think EURGBP is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on EURGBP:
The economic outlook for the Eurozone and the UK.
The level of volatility in the forex market.
The price of risk assets, such as stocks and commodities.
Take Profit 2 - 0.8704
Take Profit 3 - 0.8754
Stop loss - 0.8474
The EURGBP pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 0.8574, and a buy entry point of 0.8574 is just below the recent high of 0.8594.
There are a few reasons why EURGBP could continue to rise in the near term. First, the EUR is generally seen as a safe haven currency, and it has been strengthening against the GBP in recent weeks as concerns about the global economy have grown. Second, the European Central Bank is expected to raise interest rates more quickly than the Bank of England, which could put upward pressure on the EUR against the GBP. Finally, the UK economy is facing some headwinds, such as the war in Ukraine and the ongoing Brexit negotiations. These headwinds could weigh on the GBP and lead to a decline in the EURGBP pair.
Technical analysis:
From a technical perspective, the EURGBP pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming a bullish ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The European economy is expected to grow more slowly than the UK economy in the near term. This is due to a number of factors, including the war in Ukraine and the ongoing Brexit negotiations. However, the European Central Bank is expected to raise interest rates more quickly than the Bank of England, which could lead to a relative outperformance of the EUR against the GBP.
Risks:
There are a few risks to consider before entering a trade on EURGBP. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the EURGBP pair. Second, the Bank of England is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the GBP. Finally, the UK economy is facing some headwinds, such as the war in Ukraine and the ongoing Brexit negotiations. These headwinds could weigh on the GBP and lead to a decline in the EURGBP pair.
Overall:
I think EURGBP is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on EURGBP:
The economic outlook for the Eurozone and the UK.
The level of volatility in the forex market.
The price of risk assets, such as stocks and commodities.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.