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Eurgbp!

EURGBP faces dual resistance challengesEURGBP currently encounters two resistance levels : one from the downtrend and another from a sideway pattern. We're closely monitoring this pair, and if it manages to break through both of these resistances, it could potentially make a strong upward move towards the next resistance levels at 0.8850, 0.8920, and 0.8950. Moreover, if it respects these resistance levels and shows signs of weakness, we may consider a short position with targets set at 0.8520, 0.8430, and 0.8350 .
by FKW-Millions
EUR/GBP:UK Retail Sales Show Mixed Performance in AugustUK Retail Sales Show Mixed Performance in August In the ever-fluctuating world of economics, retail sales are a vital barometer of consumer sentiment and overall economic health. The latest data for UK Retail Sales in August paints a nuanced picture of the country's economic recovery. In August, UK Retail Sales rose by 0.4% on a monthly basis, indicating a modest increase in consumer spending. However, on an annualized basis, there was a contraction of 1.4%. This means that while there was a slight improvement in retail activity compared to the previous month, it still lags behind the performance seen in the same period the previous year. Economists had predicted a monthly increase of 0.5%, which suggests that the actual figure fell slightly short of expectations. Additionally, the annualized contraction of 1.4% was more pronounced than the anticipated 1.2% decrease. To provide context, it's worth looking at the performance of UK Retail Sales in July. In that month, retail sales experienced a significant decline, dropping by 1.1% on a monthly basis and contracting by 3.1% on an annualized basis. This marked a substantial setback in consumer spending. Core Retail Sales Offer a Mixed Bag When we delve into the core retail sales figures, which exclude the more volatile automobile sales, we find a somewhat mixed performance for August. Core Retail Sales increased by 0.6% on a monthly basis, indicating some resilience in consumer spending. However, on an annualized basis, there was a decline of 1.4%, which suggests a lingering economic challenge. Economists had predicted a monthly rise of 0.6% and an annualized contraction of 1.3%. The actual figures closely aligned with these expectations, highlighting the predictability of core retail sales compared to the broader retail sector. To put this into perspective, in July, Core Retail Sales showed a sharper decline, dropping by 1.4% on a monthly basis and 3.3% on an annualized basis. This reinforces the idea that core retail sales have been somewhat steadier in the face of economic uncertainties. Looking Ahead: Preliminary PMI and Forex Trends As we look ahead, it's essential to consider the impact of economic indicators and forecasts on currency markets, particularly the EUR/GBP currency pair. The preliminary UK S&P Global/CIPS Manufacturing PMI for May is anticipated to be at 43.0, indicating potential challenges in the manufacturing sector. The Services PMI is forecasted at 49.2, suggesting a cautiously optimistic outlook for the service industry. The Composite PMI, expected at 48.7, reflects a delicate balance between the two sectors. Forex traders are closely monitoring these figures, as they can influence currency movements. However, it's important to remember that economic data can sometimes defy expectations, leading to market volatility. For the EUR/GBP currency pair, there's a cautious bearish sentiment as it approaches a significant horizontal resistance area between 0.87500 and 0.87800. A potential rebound in this region could be accompanied by a pullback in the prevailing bearish trend. This scenario might see the price testing support levels at 0.8675 and 0.85200. In the complex world of forex trading, staying informed about economic data and understanding market sentiment is key to making informed decisions. The UK Retail Sales data and the upcoming PMI figures provide valuable insights for traders seeking to navigate the ever-evolving forex landscape. EUR/GBP Daily chart.
Short
by FOREXN1
9
EURGBP - Price can make retest support level and continue riseHi guys, this is my overview for EURGBP, feel free to check it and write your feedback in comments👊 When price bounced from $0.8555 support level, which coincided with support area, it rose a little higher, but soon fell below. After this movement, British Pound made strong upward impulse to next support level, breaking $0.8555 level and entering to falling channel. Inside channel price a few time later fell below $0.8555 level to support line, but then it bounced up to resistance line. Also recently, British Pound exited from falling channel and soon rose higher than $0.8675 level, breaking it. At the moment price trades in resistance area and I think British Pound can make retest of support level. Then price can bounce from this level and continue to move up to $0.8750 If this post is useful to you, you can support me with like/boost and advice in comments❤️
Long
by WalterMoon
1
EUR/GBP LONG IDEAIt’s currently Thursday and price delivered a huge move up which is displacement after CPI news release, my expectations on the next upcoming week is to see price slowly approach the 4h +OB, this is a high probability trade since the daily is bullish and now the 4h has turned bullish once again after some consolidation (liquidity) that has occurred previously. OVERALL: daily bullish, 4h bullish, LQ swept, Displacement during CPI event, next up we wait for trade entry, PEACE✌️.
Long
by AMJstar
EURGBP: Approaching the 1D MA200. Strong Resistance Band.EURGBP is on a strongly bullish 1D technical outlook (RSI = 67.813, MACD = 0.002, ADX = 32.512) as it is rising on HL since the 0.84950 bottom. The 1D MA50 has been turned into Support but the price is now approaching the first important Resistance levels for the long term, R1 (0.87025) and more importantly the 1D MA200. If it achieves a candle close above, we will go long and target R2 and the 0.786 Fibonacci level (TP = 0.88750). If rejected on the 1D MA200, we will go short and target the 1D MA50 - HL zone (TP = 0.86200). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
EURGBP H4 | Bearish reversal off 61.8% fibo?Price is hovering at a key resistance level, which is our sell entry at 0.8694, slightly below the 61.8% fibo projection. Our stop loss is at 0.8728, which is an overlap resistance level. Take profit is at 0.8664, which is an overlap support level, aligning with the 23.6% fibo retracement. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Forex Capital Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. FXCM Australia Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Short
by FXCM
1