EURGBP, Deviation or a breakout? EURGBP / 4H
Hello traders, welcome back to another market breakdown.
EURGBP pair has been trading in a Bearish trend withing a larger trading range, the price is showing evidence of pull-back mode so far. Therefor, better wait for more confirmation if you don't know the invalidation level.
Trade safely,
Trader Leo
Eurgbp!
Strifor || USDJPY-16/11/2023Preferred direction: SELL
Comment: The weakening dollar plays in favour of the yen, which is right at key levels. Here we are seeing a deeper upward correction in favor of the dollar after yesterday’s impressive momentum. However, most likely this fuse on the part of buyers will be extinguished and the price will go down again. We highlight two scenarios for this short trade.
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Strifor || EURUSD-16/11/2023Preferred direction: BUY
Comment: The euro is increasingly strengthening the foundation of the upward trend, which we can already talk about. The bullish potential remains despite the already impressive growth. Here, in the very near future, the price will most likely retest the resistance area around the level of 1.09000.
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TradePlus-Fx|GBPUSD: all is ahead💬 Description: Resistance level 1.22716 still keeps the GBPUSD currency pair from growing. The previously published medium-term trading idea for the pound reached its main goal at the level of 1.21166 , another part of the trade was closed at the level with a partial profit. However, as we see, buyers managed to restore the price again towards the main resistance. Not long ago, a strong medium-term short signal was generated, namely a false breakout of the level 1.22716 , which indicates to us continued sales.
Based on the volume analysis, we have a fairly impressive resource in the form of accumulated market long-positions, and all this will most likely be realized in the form of a downtrend impulse in the near future. The nearest support and confident target is at the level of 1.18730 , but goals are looking for even lower.
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Five Waves Up ?? Three Wave Corrective!! Greetings, dear friends. I hope you are having a productive week.
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Good luck!
Strifor || USDCAD-14/11/2023Preferred direction: BUY
Comment: For the Canadian dollar, as part of the general strengthening of the US dollar, we also expect a strengthening of the American currency. Here oil can come to the aid of the Canadian, which is expected to slightly recover in price. However, the local target is still located above the current price, behind the local highs.
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TradePlus-Fx|EURUSD: change to sell💬 Description: The situation with the euro still forces us to take a closer look at sales. In the medium term, we are most likely to see a decline. Before this, one can take a closer look at long, but not above the level of 1.07000 . The most conservative thing to do is to place your take profits below this level. After which, as was said, a deep drop is expected from the promising update of local minimums. In a more global picture, you can take a closer look at the level of 1.05194 as a target.
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EURGBP H4 | Bullish bounce off 61.8% fibo?Price could fall to our buy entry at 0.8688, which is a pullback support level, aligning with the 61.8% fibo retracement and 78.6% fibo projection. Our stop loss is at 0.8669, which is beyond the 78.6% fibo retracement. Take profit is at 0.8719, which is a swing high resistance level.
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Strifor || XAUUSD-14/11/2023Preferred direction: SELL
Comment: A more encouraging situation is developing for gold. However, here, too, there is most likely still a fall to come. The area 1900 - 1920 is a good support, where the price will at least be stopped, and most likely it will be from there that the upward rollback will begin.
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Strifor || GBPUSD-14/11/2023Preferred direction: SELL
Comment: This week's targets for the pound are also below the current market price. The pound, like the euro, even more so from the point of view of volumetric analysis, is conducive to sales. The first target remains at the level of 1.22000, which we indicated in the previous idea for this currency pair. A more global target is located at the level of 1.21000.
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Strifor || EURUSD-14/11/2023Preferred direction: SELL
Comment: A new week and the US dollar continues its advance. A resolution of events regarding the euro is expected in the near future. Here, first of all, a fall to the level of 1.06318 is expected, after which the downside potential lies at the level of 1.05700.
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EUR/GBP Analysis: Price Reaches 6-month HighIn the fall of 2023, bullish sentiment developed in the EUR/GBP market: since September 1, the rate has risen by more than 2%, price dynamics have formed an ascending channel (shown in blue). Moreover, on Friday, the price reached its highest in approximately 6 months.
Growth drivers, among other things, are news related to the policies of the Bank of England and the ECB aimed at combating high inflation, and what signals the economy gives in such conditions.
The latest news about UK GDP turned out to be better than expected (actual = +0.2% for the 3rd quarter, expectations = +0.1%), but the pound sterling did not show a positive reaction, for two reasons from a fundamental point of view:
→ Firstly, the details show that a significant contribution to GDP growth came from imports, a category that tends to be quite volatile between quarters. Other key areas — notably consumption and business investment — posted negative results in the quarter.
→ Secondly, GDP may decline due to the fact that the high rate policy pursued by the Bank of England should be more fully felt in the coming 2024.
If the pound didn't strengthen on Friday on the GDP news, could the bullish trend continue?
An important factor to note here from a technical analysis point of view is that the EUR/GBP price is near the key resistance of 0.8735. In the past, the level acted as support, holding its course in the first 4 months of the year. Now the level can act as resistance.
→ Divergence on the RSI indicator shows that the bullish momentum is weakening.
→ Resistance from the upper border of the ascending channel has not yet been broken.
These factors indicate that the EUR/GBP rate may be vulnerable to a pullback within the ascending channel.
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EUR/GBP Gains StrengthEUR/GBP is rising and might climb above the 0.8755 resistance.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP is gaining pace and trading above the 0.8720 zone.
· There is a major rising channel forming with support near 0.8735 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase from the 0.8650 zone. The Euro traded above the 0.8690 resistance level to enter a positive zone against the British Pound.
The pair settled above the 50-hour simple moving average and 0.8720. The pair traded as high as 0.8755 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8692 swing low to the 0.8755 high.
There is also a major rising channel forming with support near 0.8735 and the 50-hour simple moving average. The next major support is near the 61.8% Fib retracement level of the upward move from the 0.8692 swing low to the 0.8755 high at 0.8720.
A downside break below the 0.8720 support might call for more downsides. In the stated case, the pair could drop toward the 0.8690 support level. Any more losses might call for an extended drop toward the 0.8650 pivot zone.
The EUR/GBP chart suggests that the pair is facing resistance near the 0.8755 zone. A close above the 0.8755 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8800. Any more gains might send the pair toward the 0.8850 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
EURGBPPair : EURGBP ( Euro / British Pound )
Description :
Completed " 1234 " Impulsive Wave at the Lower Trend Line of the Corrective Pattern " Rising Wedge " in Short Time Frame. It will Reject from the Fibonacci Level - 61.80% or Previous Resistance Level forming Triple Top
Entry Precautions :
Wait for the Proper Rejection Price Action
Strifor || GBPUSD-10/11/2023Preferred direction: SELL
Comment: The trading idea of shorting the pound has been fully worked out. Level 1.22370 has been reached. At the moment, another small downward movement is expected. Most likely, before the weekend, sellers will shake out short-term buyers as much as possible. After which, at the very close, we can most likely expect a slight recovery towards the level of 1.22370.
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Strifor || EURUSD-09/11/2023Preferred direction: Neutral
Comment: The euro situation requires some adjustments. At the moment, most likely the currency pair will grow a little more. The growth will be with the aim of updating yesterday's high. After which the medium-term downward decline is likely to continue again.
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EURGBP SELL | Day Trading Analysis Hello Traders, here is the full analysis.
Watch strong action at the current levels for SELL. GOOD LUCK! Great SELL opportunity EURGBP
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Strifor || GBPUSD-09/11/2023Preferred direction: SELL
Comment: Today, especially the euro and the pound have performed well, being able to resist the dollar and recover. However, most likely this will not last long and all instruments will fall further. The entry point is currently blurred. The most conservative option would be to enter after a slight increase. The downside potential is still at the level of 1.22370, but more global targets lie below this level.
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