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
Bullish
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
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
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • The #Dow Jones and #Nasdaq 100 will await key earnings from some of the world’s largest manufacturers and tech companies while the #DAX grapples with freshly-imposed tariffs. Get your equities market update from @PeterHanksFX Here: https://t.co/u2lG19JFt3 https://t.co/OHs4rQEH7T
  • Crude #oil prices are consolidating above a key support zone we’ve been tracking for more-than three months now. Get your market update from @MBForex here: https://t.co/XaACvEpLG4 #OOTT https://t.co/XjmjUt4Par
  • Why trade with Bollinger Bands®? Find out as a day trader, how you can use it to your advantage:https://t.co/dwODDDSsFi @WVenketas https://t.co/SYduJ5k9mL
  • As the global economy continues to contract, the risk of geopolitical threats undermining financial and economic stability are rising, leaving the door open to violent volatility. Get your market update from @ZabelinDimitri here:https://t.co/2HEzqPobvA https://t.co/k13SwJmbRm
  • RT @IGSquawk: We're currently pricing #GBPUSD at 1.2852 and #FTSE at 7129.2 That's a drop of 1.18% from Fridays close for GBPUSD and 0.22%…
  • #DidYouKnow 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/c51s3IBcEu https://t.co/K6W9X4v8XD
  • The $NZD may be carving out a near-term bottom against its US counterpart but scope for gains seems limited within a broader downtrend. Get your technical analysis from @IlyaSpivak here: https://t.co/7bsVuSyWMn https://t.co/DsmNYKk8v3
  • Can you trade with the joy of missing out (#JOMO)? Find out how you can turn your #FOMOintrading to JOMO here: https://t.co/G5H26NXZQe https://t.co/pVdKUPzvmk
  • RT @PaulBrandITV: It’s likely that this will end up in court on Monday. The case in the Scottish courts may well consider that this doesn’t…
  • RT @PaulBrandITV: BREAKING: Tonight the PM has sent this letter to EU requesting an extension to Brexit. Wording is copied and pasted from…
Sterling (GBP) Price Analysis, Charts and Pivot Points

Sterling (GBP) Price Analysis, Charts and Pivot Points

2019-03-19 08:51:00
Nick Cawley, Analyst
Share:

EURGBP Price, Volatility and Brexit

  • EURGBP price analysis suggests further falls may lie ahead.
  • Euro-Zone data this week may weaken the single-currency further.

Q1 2019 GBP Forecast and EUR Top Trading Opportunities

EURGBP–Technical Analysis

Ex-Brexit, the EURGBP chart remains negative and looks likely to move lower. A series of lower highs and lower lows define that chart from the start of 2019 and the pair currently trade below all three-moving averages, another negative set-up. To the upside there is resistance between 0.8615 and 0.8621, the January double low and the April 2018 swing-low respectively, before further levels of old horizontal resistance between 0.8655 and 0.8698. The RSI indicator is neutral to marginally oversold, so the next negative move may take some time to play out.

To the downside, initial support is the recent low at 0.84715 before the May 2017 swing-low around 0.8380. Just below here, the 161.8% Fibonacci extension at 0.8325 and the April 2017 swing-low at 0.8312.

Sterling Weekly Technical Outlook: Charts Highlight Bullish GBP Bias.

EURGBP Daily Price Chart (May 2018 – March 19, 2019)

Sterling (GBP) Price Analysis, Charts and Pivot Points

Sterling (GBP) Price Analysis, Charts and Pivot Points

Ahead this week, a batch of medium- to high-importance Euro-Zone economic releases with ZEW sentiment released this morning and the latest PMI numbers out early Friday morning. Further negative prints will increase fears that current economic weakness may be setting in, crimping growth and inflation expectation. The ECB has already said that it will soon launch TLTRO-3 to help boost bank lending, in the hope that this will help boost GDP and price pressure.

DailyFX Economic Calendar.

Retail traders are 57.9% net-long EURGBP according to the latest IG Client Sentiment Data, a bearish contrarian indicator. Recent changes in daily and weekly sentiment however currently suggest that EURGBP may soon reverse higher.

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 Sterling – 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

News & Analysis at your fingertips.