#EURGBP Starts to Take a Bullish Shape (13 March 2024)

• EURGBP gets rejected near 50-day SMA after rebound
• Market structure develops into a bullish double bottom pattern
• Buyers need a rally above 0.8577 to dominate

EURGBP could not surpass its 50-day simple moving average (SMA) at 0.8553 on Tuesday. However, the bullish double bottom pattern, which started to take shape around February’s base of 0.8500, might generate buying interest in the coming sessions in hopes the pair will soon stage an upside trend reversal.

The technical indicators have turned upwards, showing some improvement in market sentiment, but the RSI still needs to surpass its 50 neutral level. Moreover, the moving averages haven’t changed trajectory.

Traders should exercise caution until the price surpasses the 50-day SMA and closes above the neckline at 0.8577, which also aligns with the 38.2% Fibonacci retracement level. In the event that the bullish scenario materializes, the pair could be propelled strongly towards the 0.8600-0.8615 area. Should the pair breach the 61.8% Fibonacci of 0.8630 too, the recovery phase could pick up steam towards 0.8670.

Alternatively, if the price remains trapped below the 50-day SMA and pulls below the 23.6% Fibonacci of 0.8545, it might again seek support near the 0.8500 floor. A downtrend resumption beneath that threshold is expected to stabilize around the descending line from November at 0.8470 and then stretch into the 0.8400-0.8430 zone last seen in August 2022. Slightly lower, the August 2022 low of 0.8340 might next attract attention.

In brief, EURGBP set a strong foothold around the 0.8500 mark, which was also a major support zone in 2023, increasing optimism that the previous downward pattern will soon come to an end. That said, traders will wait for a confirmation above 0.8577.

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#EURGBP: Hits New Multi-Month Low, But Oversold Studies Continue to Obstruct Bears (6 Dec 2023)

EURGBP fell to three-month low early Wednesday, attempting to resume larger downtrend, after a brief consolidation in past two days.

Larger bears regained traction following a double rejection of recovery attempts and received fresh boost from weak German data (factory orders slumped in October and Nov construction PMI fell to the lowest since mid-2020).

Bears probe again through pivotal Fibo support at 0.8566 (76.4% retracement of 0.8492/0.8765) which contained several attacks in past few sessions, with firm break here to signal bearish continuation and expose targets at 0.8523 (Sep 5 higher low) and 0.8499 (2023 low, posted on Aug 23).

Daily studies are in full bearish setup but oversold, which may produce headwinds and keeps bears further on hold.

Current range top (0.8588) marks initial resistance, followed by broken Fibo 61.8% (0.8596), which should ideally cap upticks and guard upper pivot at 0.8623 (base of thick daily cloud/ falling 10DMA).

Res: 0.8573; 0.8588; 0.8596; 0.8623.
Sup: 0.8553; 0.8523; 0.8499; 0.8471.

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#EURGBP: Accelerates Higher on Brighter #German Investor Morale & Weak #UK Pay Growth Data (17 OCT 2023)

EURGBP jumped almost 0.4% in European session on Tuesday, as pound came under increased pressure on below forecast UK pay growth data, which further decreased bets for BoE rate hike in Nov 2 policy meeting.

On the other hand, German investor morale (ZEW report – Oct -1.1 vs Sep -11.4 and -9.3 f/c) improved well above expectations, providing strong boost to the single currency.

However, caution is still required as markets do not rule out possible stall of fresh advance, as economic situation in Germany remains fragile and economists expect further decline in inflation, which may negatively impact demand for Euro.

Improving conditions on daily chart (14-momentum broke into positive territory and MA’s turned to bullish setup) underpinning fresh advance, though bulls need clear break above cracked Fibo barrier at 0.8678 (38.2% of 0.8978/0.8492 descend, where recent attacks repeatedly failed to register firm break) to open way towards next key levels at 0.8697 (200 DMA) and 0.8705 (Sep 26 high).

Near-term bias is expected to remain with bulls while the action stays above rising 20DMA (0.8657).

Res: 0.8697; 0.8705; 0.8735; 0.8792.
Sup: 0.8657; 0.8639; 0.8616; 0.8607.

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📊LIVE #FOREX SIGNAL: #EURJPY,#EURGBP,#NASDAQ,#USDJPY & #USDCHF📊 (17 July 2023)

Buy eurjpy at 156.10 Target 156.60 Sl 155.60

Buy eurgbp at 0.8590 Target 0.8640 Sl 0.8540

Sell Nasdaq at 15661 Sl 15860 Tp 1500

Buy usdjpy at 138.80 Sl 137.40 Tp 141.70

Buy usdchf at 0.8603 Sl 0.8500 Tp 0.8950

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📊LIVE #FOREX SIGNAL: #EURUSD & #USDJPY📊 (10 July 2023)

Buy eurusd at 1.0990

Target 1.1040 Sl 1.0940

Sell usdjpy at 141.60

target 141.10 Sl 142.10

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#EURGBP: Bulls Hold Grip But Still Face Headwinds from Strong Resistances : 29 June 2023

EURGBP is consolidating after 0.70% advance in past two days, sparked by renewed ECB and Fed’s hawkishness, but keeps firm tone for renewed attack at pivotal 0.8643/54 barriers (Fibo 38.2% of 0.8875/0.8518 / 10WMA) where bulls faced significant headwinds.

Improving daily studies on rising positive momentum, MA’s (10/20/30) now in bullish setup and 10/20 DMA bull-cross formation, support the action and add to positive fundamentals, after the ECB signaled further rise in interest rates and warned that borrowing cost will remain elevated for extended period.

Bulls need a clear break through cracked 0.8643/54 barriers to confirm initial bullish signal and spark further retracement of 0.8875/0.8518 descend.

Falling 55DMA marks initial target at 0.8682, followed by 0.8696 (50% retracement), with stronger bullish acceleration to focus 0.8740 zone (Fibo 61.8%, reinforced by diverging 100/200DMA’s, which formed a bear-cross.

Caution on repeated failure to clear 0.8643/54 barriers, which would signal that bulls might be running out of steam, but near-term bias expected to remain positive while the price action stays above broken daily Kijun-sen (0.8613).

Res: 0.8654; 0.8682; 0.8696; 0.8740.
Sup: 0.8623; 0.8613; 0.8588; 0.8535.

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#EURGBP Technical: Minor Downtrend Intact (11 May 2023)

• EUR/GBP is still evolving within a major sideways range since August 2017 with its key resistance and support at 0.9300 and 0.8300.
• A minor downtrend phase has started to develop from its 3 February 2023 high of 0.8979.
• Short-term downside momentum remains intact below 0.8750 key short-term resistance.

Since the start of this week, the EUR/GBP cross pair has continued its drop by 0.9% to print its current intraweek low of 0.8671 where market participants anticipant that the Bank of England (BoE) is likely to maintain its hawkish monetary policy stance throughout 2023 after its monetary policy decision due later today.

It is widely expected that BoE will hike its policy interest rate by another 25 basis points to 4.5%, its 12th consecutive rise and it is still way behind a red-hot March CPI print of 10.1% year-on-year inflationary growth for the UK.

Let’s now take a look at the recent EUR/GBP movements from a technical analysis perspective.

Since its 3 February 2023 high of 0.8979, the EUR/GBP cross rate has started to evolve into a minor downtrend phase with the upper and lower limits of its short-term descending channel at 0.8865 and 0.8630 respectively. In the longer-term (monthly chart), it is still trapped inside a major sideways range configuration since August 2017.

Since last Friday, 5 May, its price actions have broken and traded below the key 200-day moving average now acting as a resistance at around 0.8730. In addition, the 4-hour RSI oscillator has rebounded from its recently reached oversold region (below 30%) but has not formed any bullish divergence signal yet.

In addition, the 4-hour RSI is still capped below by a corresponding descending resistance at the 50% level. These observations suggest that short-term downside momentum remains intact. The next intermediate support to watch will be at 0.8630 and a break below it exposes the next support at 0.8570.

However, a clearance above 0.8750 short-term pivotal resistance negates the bearish tone to see the descending channel resistance coming in at around 0.8865 which also confluences with the minor swing high areas of 23 March/27 April 2023.

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📊LIVE #Forex #NZDUSD SIGNAL (28 November 2022)📊

NZDUSD BUY NOW AT 0.6198

Stop loss 0.6060

Take Profit 0.6430

NZDCAD 🔥

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#EURGBP Rally Overbought But Still Supported (21 SEPTEMBER 2022)

EURGBP started the week on the back foot after securing seven consecutive green weeks, with the price gradually retreating from Monday’s 19-month high of 0.8788.

The 0.8720 level, which switched from resistance to support on Tuesday, is currently under examination on the downside, along with the steep tentative ascending trendline. Should the bears breach that base, selling pressures could intensify towards the 0.8679 bar. Slightly lower, the 20-day simple moving average (SMA) at 0.8645 may cancel any extensions towards the intra-swing low of 0.8565.

According to the momentum indicators, the market is looking overbought and further deterioration is possible as the RSI has slipped back below 70 after hitting a wall near May’s ceiling for the third consecutive time. Meanwhile, the stochastics have posted a bearish cross above their 80 level, while the MACD, although above its red signal line, is showing some signs of weakness as well.

Nevertheless, if buyers defend the pair above 0.8720, the price may attempt to surpass the 0.8788 top and run towards the key 0.8860 constraining zone, which has been a strong barrier to upside and downside moves during April 2020 – January 2021. A decisive close above it may prompt an exciting rally up to the 0.8925 number, last active in January 2021.

Summarizing, EURGBP seems to have reached overbought conditions, backing the current selling forces in the market. However, hopes for an upturn will remain in place as long as the 0.8720 floor stands firm.

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#EURGBP: Reversal Pattern is Forming on Daily Chart (20 SEPTEMBER 2022)

Daily chart shows initial signs of fatigue of the larger uptrend, as bullish momentum is fading and stochastic is reversing from overbought territory.

Also, evening Doji star pattern is forming on daily chart, which would, if completed, generate initial reversal signal.

The Euro was deflated on Tuesday by news regarding Ukrainian conflict and data that showed record EU’s current account deficit.

All eyes are on Fed’s policy meeting, which started today and the decision will be announced tomorrow, with prevailing expectations for 0.75% hike, but jumbo 1% increase is also in play, though with significantly lower percentage of support.

Fresh easing dented initial support at 0.8730 (rising 5DMA) but requires further verification on extension through 10DMA/ 200WMA (0.8701) and Fibo 23.6% of 0.8339/0.8787 (0.8681) to weaken near-term structure and open way for deeper pullback towards key supports at 0.8625/16 (Sep 14 through / Fibo 38.2%).

Res: 0.8787; 0.8800; 0.8850; 0.8880
Sup: 0.8724; 0.8701; 0.8681; 0.8625

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#EURGBP AND #WTI Analysis (14 JULY 2022)

 EURGBP Wave Analysis

• EURGBP reversed from support level 0.8425
• Likely to rise to resistance level 0.85000

EURGBP today recently reversed up with the daily Hammer from the key support level 0.8425 (which has been reversing the pair from May), intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from April.

The upward reversal from the support level 0.8425 stopped the previous minor downward impulse wave 1.

EURGBP can be expected to rise further toward the next resistance level 0.85000 (former monthly low from June)

WTI Wave Analysis

• WTI reversed from support level 92.93
• Likely to rise to resistance level 97.00

WTI recently reversed up from the strong support level 92.93 (former monthly low from March and April), standing near the 50% Fibonacci correction of the upward impulse from December.

The upward reversal from the support level 92.93 stopped the previous minor impulse waves (iii) and 3 – which belong to wave (C) from June.

Given the still oversold daily Stochastic, WTI can be expected to rise further toward the next resistance level 97.00.

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📊LIVE #forex SIGNAL #EURGBP: 27 April 2022📊

 EURGBP Buy now 0.8431

Stop loss 0.8390 ( 41 pips)

Take profit 0.8461 ( 30 pips)

Take profit 0.8491 (60 PIPS)

Take profit 0.8561 ( 130 PIPS)

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