News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇨🇭CHF: -0.00% 🇨🇦CAD: -0.05% 🇦🇺AUD: -0.61% 🇳🇿NZD: -0.64% 🇬🇧GBP: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UMdcR4ZNnz
  • Canadian ban on passenger flights arriving from India and Pakistan will last for 30 days - Reuters via BBG $CAD
  • Lumber has seen a meteoric rise over the last year, as demand for new homes remains strong and bottlenecks arising from COVID shutdowns continue to weigh on supply https://t.co/de4xc0t1BA
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.49% Gold: -0.57% Silver: -1.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/PvKjoyExIZ
  • Seasonal $USD performance over the last 10 years $USD $DXY https://t.co/X23oLOxewZ
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/tCamGDogVf
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.49%, while traders in Germany 30 are at opposite extremes with 69.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SAhyfFIUX0
  • Intel upside remains constrained by chip shortages and supply chain disruptions - CEO
  • Intel Q1 Earnings: Revs: $19.67B vs. est. $17.86B EPS: $1.39 vs. est. $1.15 $INTC
  • Gold Price Outlook: Are Gold Bulls Back in the Driver's Seat? https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2021/04/22/gold-price-outlook-are-gold-bulls-back-in-the-drivers-seat.html $Gold
EURGBP: Trade Completed

EURGBP: Trade Completed

Nick Cawley, Strategist

*** Trade Completed ***

Pending Long – 0.8835 --- Entered Trade on November 28.

Stop Loss – 0.8790

Target 1 (50%) – 0.8935 -- Hit Target December 4.

Target 2 (50%) – 0.8985 -- Hit Target December 10.

The DailyFX Q4EURand GBP Forecasts are available to download.

EURGBP – Solid Technical Support Nears

A battle of two of the current weaker currencies in the market has kept moves limited in the past few days as Brexit negotiations continueand fears that the Euro-Zone growth is weakening grow. Against other currencies, especially the USD, both GBP and EUR continue to struggle and are likely to remain weak as fundamental rule price action.

On a technical level, EURGBP is nearing a cluster of support levels that should hold unless something dramatic, and GBP positive, happens during current Brexit negotiations. On the charts, the 200-day moving average, currently at 0.8841 acts as first support with the 20- and 50-day moving averages at 0.8812 and 0.8814 close behind. To round off support levels, the 61.8% Fibonacci retracement level is fixed at 0.8803. This cluster of support should provide resilient in the current market and we would look to go long of a small break of the 200-day ma at 0.8835. We will keep a tight stop loss on this trade at 0.8790 and look for a short-time frame for the trade to play-out. Targets are set at 0.8935 (50%) and 0.8985 (50%).

It is worth noting that a break and close above 0.8940 breaks the sequence of lower highs started in late-August and would turn the chart slightly more bullish for the medium-term.

EURGBP Daily Price Chart (May – November 28, 2018)

EURGBP: Trade Completed

IG Client Sentiment Datashow that retail investors are 35.4% net-long EURGBP - a bullish contrarian trading bias – but when coupled with recent changes – traders are further net-long on a daily and weekly basis - this gives us a mixed EURGBP trading bias.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on EURGBP – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES