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EURGBP: Critical Support Nears as Sterling Rallies

EURGBP: Critical Support Nears as Sterling Rallies

2019-02-26 08:24:00
Nick Cawley, Strategist
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The DailyFX Q12019 EURand GBP Forecasts arenow available to download.

EURGBP Nears 10-Month Support

We have been negative on EURGBP for a few weeks now and remain so even though we are nearing critical longer-term support near 0.8618-0.8621. The original swing-low was made in April 2018 and re-tested, twice on January 24 and 25. Both times support held and it may well do so again, but downward pressure is increasing on the pair and if EURGBP breaks and closes below here, the negative bias may continue to the May 2017 swing-low at 0.8383 before the 161.8% Fibonacci extension at 0.8325 and the April 2017 low at 0.83813. Care should be taken as the pair approach oversold territory, although the RSI sentiment is still negative. A rebound could find resistance between 0.8700 and 0.8725 before 0.8738 (20-day ma) currently comes into view.

EURGBP: Bearish Bias Remains Intact Despite Rebound (January 30).

EURGBP Daily Price Chart (April 2018 – February 26, 2019)

EURGBP: Critical Support Nears as Sterling Rallies

IG Client Sentiment Datashows how retail investors are positioned in a range of currencies and asset markets.

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.

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