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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.79%, while traders in Wall Street are at opposite extremes with 77.39%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/mpKyIFa66N
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.18% 🇨🇭CHF: 0.08% 🇪🇺EUR: 0.05% 🇨🇦CAD: -0.10% 🇳🇿NZD: -0.16% 🇦🇺AUD: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Rc9CqP87Q6
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: -0.29% Wall Street: -0.42% Germany 30: -0.43% FTSE 100: -0.45% France 40: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/XAx5GBxtcH
  • (ASEAN Fundy) US Dollar Outlook: Federal Reserve in Focus for SGD, THB, IDR, PHP Amid Covid Risks #ASEAN #USD $USDSGD $USDTHB $USDIDR $USDPHP #Covid https://www.dailyfx.com/forex/fundamental/article/special_report/2021/07/26/US-Dollar-Outlook-Federal-Reserve-in-Focus-for-SGD-THB-IDR-PHP-Amid-Covid-Risks.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Sry0bENjJC
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/Fvz238T08f
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.36% Gold: 0.21% Oil - US Crude: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/V7Tt9cjqNX
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇬🇧GBP: 0.07% 🇨🇭CHF: 0.04% 🇳🇿NZD: -0.06% 🇦🇺AUD: -0.12% 🇨🇦CAD: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1xgQGURmLU
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.48%, while traders in Wall Street are at opposite extremes with 78.79%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/y1ftqNZqRG
  • 🎯 Bitcoin extending its surge through the weekend to trade back above $35K. Seeing some serious upward momentum here, but in light of Fed event risk this week, it may be prudent for short-term tactical traders to consider unwinding exposure a bit. #Bitcoin $BTC $BTCUSD https://t.co/OZjpMGIINQ https://t.co/3miq9M8YS9
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3ISNw2 https://t.co/3y2qs4VDuu
EUR/GBP Short Term Slide Continues

EUR/GBP Short Term Slide Continues

Walker England, Forex Trading Instructor

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