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EURGBP

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. 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.
by FXOpen
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.
by FXOpen
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 I still did my best and this is the most likely count for me at the moment. Support the idea with like and follow my profile TO SEE MORE. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝 Patience is the If You Have Any Question, Feel Free To Ask 🤗 Just follow chart with idea and analysis and when you are ready come in THE GROVE | VIP GROUP, earn more and safe, wait for the signal at the right moment and make money with us💰
Short
by TheGrove
11
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. Thank you for like and share your views!
Short
by Strifor
5