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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
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
Mixed
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
Mixed
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
More View more
Real Time News
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/AldbSctm9V
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/Sjnr0iVgAf
  • Upside momentum stalls with the #DAX and #FTSE 100 vulnerable to testing lower levels as the economic backdrop deteriorates further. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/BFIaXTfDcs https://t.co/q0Mso4zWlT
  • RT @iv_technicals: *TRUMP SAYS HE'D USE TARIFFS IF NEEDED TO PROTECT OIL INDUSTRY - BBG #OOTT #WTI $USO
  • After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points. Learn how to apply this knowledge to a trading strategy here: https://t.co/uh3NwgHBVv https://t.co/yl4KUMNmUh
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia here: https://t.co/r3Ku0p9dw1 https://t.co/CU5vMilpLH
  • - Gold prices may suffer if FOMC minutes spark risk aversion, concerns about liquidity - #XAUUSD could face additional selling pressure if employment data sours sentiment - Ballooning credit risks from distressed corporate debt markets may cap gold’s gains https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/04/04/Gold-Prices-May-Fall-on-FOMC-Minutes-Recession-Credit-Risks.html
  • The bear flag pattern is a popular price pattern used by technical traders within the financial markets to determine trend continuations. Learn how to spot a bear flag pattern here: https://t.co/zg8QzS3ytS https://t.co/A8fvEmmh0K
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/VsfbITIb6B https://t.co/qSLzCiGVxa
  • S&P 500 Sinks as Unemployment Spikes; VIX Index Drops? -via @DailyFX “#StockMarket recovery stymied by dismal jobs report. #Volatility down, but extreme fear lingers.” Latest Forecast: https://www.dailyfx.com/forex/market_alert/2020/04/04/spx-sp500-sinks-as-unemployment-spikes-vix-index-price-drops.html $SPY $SPX $ES_F #Stocks #Analysis #Trading https://t.co/qwfhehTnbt
EUR/GBP Short Term Slide Continues

EUR/GBP Short Term Slide Continues

2017-01-25 14:45:00
Walker England, Forex Trading Instructor
Share:

Talking Points:

The EUR/GBP is declining for the third consecutive session this week, as the British Pound continues to rally against most of the FX Majors. With today’s decline forging new weekly lows, traders will next look to tomorrows UK GDP data to see if this trend will continue. Expectations for Friday’s event are set at 2.1%. If this event comes in better than expected, the EUR/GBP may be set to challenge the standing 2017 low found at .8450.

Technically, the EUR/GBP remains in a short term downtrend. The pair has already declined as much as 324 pips from the standing 2017 high at .8852. Traders may note that the pair has traded below its 10 day EMA (Exponential Moving Average) for the last 8 sessions. This indicator is currently found at .8610, and may be considered a short term point of resistance. Traders should also note that the pair is now testing its 50 day MVA (Simple Moving Average) at .8524. This value is currently acting as support, and a breakout below this average would suggest that the pair may continue to slide lower.

EUR/GBP Daily Chart with Averages

EUR/GBP Short Term Slide Continues

(Created Using IG Charts)

Intraday the EUR/GBP is testing support at today’s S1 pivot at .8528. If prices remain supported here, it may suggest that prices may rebound later in the session towards points of resistance. This includes today’s R1 pivot found at .8621. A move beyond .8621 would expose the next point of intraday resistance at .8683. A move to this point would be graphically significant as the EUR/GBP would be trading at new weekly highs.

In the event of a bearish breakout, traders may next look for support at .8497 and .8436. A move to either of these points, would place the EUR/GBP below the previously mentioned 50 day MVA. In this scenario, traders may elect to continue to look for fresh bearish positions with the pair’s short term trend.

EUR/GBP 30 Minute Chart with Pivots

EUR/GBP Short Term Slide Continues

(Created Using IG Charts)

--- Written by Walker, Analyst for DailyFX.com

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at hisBio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES

News & Analysis at your fingertips.