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EUR/GBP Outlook: Bearish Chart Pattern Starting to Form

EUR/GBP Outlook: Bearish Chart Pattern Starting to Form

2019-10-31 11:00:00
Nick Cawley, Strategist

EUR/GBP Price, Analysis and Chart:

  • EUR/GBP nears Lows last seen in May.
  • Bearish Pennant formation unfolding.

Brand New Q4 2019 GBP and EUR Forecast and Top Trading Opportunities

Sterling Pushing Higher Across a Range of Currencies

The British Pound is showing signs of strength in early trade and is ignoring the General Election (GE) backdrop which is already getting convoluted. While the incumbent PM Boris Johnson is expected to win the GE - depending on who you listen to or read - the UK will either have a hung parliament of a Conservative government with a workable majority. With nearly six weeks until the UK goes to the polls, this GE will become increasingly chaotic, sparking heightened volatility in Sterling.

DailyFX Economic Calendar

The daily EUR/GBP chart shows a bearish pennant forming and the recent completion of a ‘death cross’, two well-known bearish indicators. The floor of the pennant is around 0.8775, and a break and close below here would bring lows last seen in May back into play and a possible full reversal of the March -August rally that started at 0.8472. The death-cross – when the 50-dma moves below the 200-dma – formed earlier this week and will also bear down on prices. The break lower indicates the potential for a further sell-off ahead. A range of recent daily highs act as resistance back to 0.8676, just below the 20-dma at 0.8678

EUR/GBP Daily Price Chart (January – October 31, 2019)

EUR/GBP Outlook: Bearish Chart Pattern Starting to Form

IG Client Sentiment shows that traders are 63% net-long EUR/GBP, a bearish contrarian bias.

Recent daily and weekly positional changes however give us a mixed trading bias.

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 the Sterling and the Euro – 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.