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
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACyvdZ https://t.co/6VjW5FEiQW
  • Global stocks bounce back from recent pullback as key resistance levels lie ahead. Get your weekly equities forecast from @HathornSabin here: https://t.co/wXSWo1JygD https://t.co/vWVaSEQTXT
  • 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/t9FlspUVZz https://t.co/9kfBu04auM
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5ddzFV https://t.co/8GJ6OQYgnW
  • Bitcoin (BTC) started the day on the front foot on the Twitter news before the latest China crypto ban hammered the market lower. Get your weekly crypto forecast from @nickcawley1 here: https://t.co/ZKHGXeVhsR https://t.co/QSltMQml6N
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/DSp7f3YuAx
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/HNqHcbL6vk
  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher. Get your market update from @ddubrovskyFX here:https://t.co/zn56iTFBxM https://t.co/FbepD4RaFg
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/XS0176LyOg
  • The Japanese Yen remains in focus with strength potential on risk aversion themes to go along with weakness on themes around higher rates. Get your weekly $JPY technical forecast from @JStanleyFX here: https://t.co/l4UICqJzJy https://t.co/dQ2pS0E4fp
EUR/GBP Continues to Bounce Against Stubborn Resistance,Where Next?

EUR/GBP Continues to Bounce Against Stubborn Resistance,Where Next?

Nick Cawley, Strategist

EUR/GBP News, Price and Analysis:

  • Eurozone and UK both heading towards a severe recession.
  • Spike low at 0.9000 may be re-tested.

EUR/GBP Looking to Make a Trading Range

The one rally in EUR/GBP from the high 0.8200s to just 0.9500 looks like it has run out of momentum with the pair now looking to set-up a new trading range in the short-term. The mid-February onwards rally was mainly driven by a very weak Sterling complex that hit multi-year and multi-decade lows against a range of currencies. Sterling is now consolidating and attempting to push higher, despite recently announced sentiment data that pointed to a sharp economic shock for the UK. The Euro is under pressure as well from sentiment data that suggests that GDP may fall sharply in the coming quarters, piling pressure on the ECB, or member states, to act more forcibly.

EUR/GBP has rejected the 0.9500 area recently and is unlikely to break above there unless the economic backdrop improves. There are three recent lows just below 0.9000 that should provide support, although a break and close below there would open the way to the 0.8850 area. Both currencies will be driven by coronavirus updates and it will likely be difficult to break 0.9000 to 0.9500 in the short-term. The pair remain extremely volatile, using the ATR indicator, while the three moving averages provide support lower down.

Market volatility remains at multi-year extremes and traders should know how to handle these conditions before making any decisions. DailyFX have a wealth of risk management and discipline resources available to help guide traders through these volatile times.

Becoming a Better Trader – How to Videos.

The DailyFX Online Trading Universityalso has 1000s of updated articles covering all aspects of trading.

EUR/GBP Daily Price Chart (October 2019 – March 24, 2020)

EUR/GBP Continues to Bounce Against Stubborn Resistance,Where Next?

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 EUR/GBP – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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

DISCLOSURES