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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
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
USD/JPY
Bullish
More View more
Real Time News
  • Ever wonder if there are other chart types that can be sued for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/Dtdi2EWWhw
  • 🇳🇱 GDP Growth Rate YoY Final (Q1) Actual: -2.4% Expected: -2.8% Previous: -2.9% https://www.dailyfx.com/economic-calendar#2021-06-24
  • 🇳🇱 GDP Growth Rate QoQ Final (Q1) Actual: -0.8% Expected: -0.5% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-06-24
  • 🇳🇱 GDP Growth Rate YoY Final (Q1) Actual: -2.4% Expected: -2.8% Previous: -2.8% https://www.dailyfx.com/economic-calendar#2021-06-24
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.87%, while traders in GBP/JPY are at opposite extremes with 74.25%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cnoTj8ADsn
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/BiGHhuzgWG
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.05% 🇨🇦CAD: -0.01% 🇪🇺EUR: -0.02% 🇦🇺AUD: -0.03% 🇯🇵JPY: -0.04% 🇨🇭CHF: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/CYyKMkrYgv
  • Heads Up:🇳🇱 GDP Growth Rate QoQ Final (Q1) due at 04:30 GMT (15min) Expected: -0.5% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇳🇱 GDP Growth Rate YoY Final (Q1) due at 04:30 GMT (15min) Expected: -2.8% Previous: -2.8% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.30% Wall Street: 0.29% US 500: 0.24% Germany 30: 0.19% FTSE 100: 0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/LMp3zbY0gj
EURGBP Technical Analysis: Price Action Remains Bearish

EURGBP Technical Analysis: Price Action Remains Bearish

Nick Cawley, Strategist

Euro and Sterling Prices, News and Analysis

  • Offer of bespoke UK Brexit deal sends Sterling soaring.
  • EURGBP the best ‘Brexit Barometer’.
  • EURGBP sitting on a confluence of support levels.

We have recently released our Q3 Trading Forecasts for a wide range of Currencies and Commodities, including GBP and EUR.

EURGBP May Fall Further if Support Proves Fragile

Wednesday’s comments by EU chief negotiator Michel Barnier indicating that the single bloc wanted to offer the UK a bespoke deal unsurprisingly sent Sterling higher across the board. While GBPUSD took the headlines as it edged back above 1.3000, the best Brexit barometer, EURGBP, fell below 0.9000 and looks set to fall further. EURGBP has rallied in the past couple of months on the never-ending stream of negative Brexit commentary, and had been pricing in a ‘hard’ or ’no-deal’ Brexit. With this now likely off the table, all things equal, these recent gains look likely to be taken back with the possibility of the pair falling by another 2 cents.

Before this eventual fall. The pair have to negotiate a cluster of support levels which may prove difficult in the short-term. The 23.6% retracement level of the April-August rally is at 0.89859, a fraction above the 20-day moving average at 0.89846, while the March 7 swing-high cuts across at 0.89680. On the downside a break below the recent uptrend line would open up the 50-day ma at 0.89239 ahead of the 38.2% Fibonacci retracement at 0.89181.

EURGBP Daily Price Chart (February – August 30, 2018)

EURGBP Technical Analysis: Price Action Remains Bearish

Retail Remain Net-Short of EURGBP

IG Client Sentiment shows retail investors are net-short of EURGBP but recent daily and weekly sentiment shifts negate the usual contrarian rule and indicate that EURGBP may soon move lower.

EURGBP Technical Analysis: Price Action Remains Bearish

DailyFX chief currency strategist John Kicklighter is also bullish GBP but prefers to express this via long GBPUSD and GBPCHF set-ups.

DailyFX has a vast amount of updated resources to help traders make more informed decisions. These include a fully updated Economic Calendar, and a raft of Educational and Trading Guides

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES