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
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
Wall Street
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
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
GBP/USD
Bullish
USD/JPY
Bearish
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
More View more
Real Time News
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.60% Gold: 0.25% Silver: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nBg1O9AB2c
  • GBP/USD has broken convincingly to the upside from a symmetrical triangle chart pattern, implying that further gains can be expected. Get your $GBPUSD technical analysis from @MartinSEssex here: https://t.co/tsEeGa8kAd https://t.co/yOhxlK2crH
  • Have to say, the $GBPUSD's observation of the 200-day moving average is convenient for tech observers. Also helps that it is almost horizontal https://t.co/8DGvfn5nkx
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.01%, while traders in US 500 are at opposite extremes with 74.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Jxm2ZcDEKN
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.26% Gold: 0.13% Silver: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/sYKVeztp5p
  • ECB PEPP Purchases - EUR 46.7bln in German Bonds - EUR 37.3bln in Italian Bonds https://t.co/rx9LlwyOB4
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: 1.73% Germany 30: 1.11% FTSE 100: 0.79% Wall Street: 0.54% US 500: 0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3s7VR7kto3
  • The $EURUSD is up for six consecutive trading days. There have been a handful of advances of this duration, but there hasn't been a 7-day since Dec 2013 https://t.co/hP0rugHa6X
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.01%, while traders in US 500 are at opposite extremes with 74.95%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/GcEJ8EmT9O
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.78% 🇳🇿NZD: 0.45% 🇬🇧GBP: 0.42% 🇪🇺EUR: 0.35% 🇨🇭CHF: -0.04% 🇯🇵JPY: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/DvaBAG6n53
EURGBP Price Outlook - Short-Term Trading Range Forming

EURGBP Price Outlook - Short-Term Trading Range Forming

2020-04-22 12:30:00
Nick Cawley, Strategist
Share:

EUR/GBP News, Price and Analysis:

  • Brexit talks and coronavirus news will dictate price action.
  • EUR/GBP remains constrained within a short-term range.
Building Confidence in Trading
Building Confidence in Trading
Recommended by Nick Cawley
Planning is Crucial When Trading
Get My Guide

EUR/GBP Likely to Stay in a Two-Point Range

Trade talks between the EU and the UK resumed this week with both sideslikely to offer little hope of breaking the current stalemate. Prime Minister Boris Johnson remains firm that the UK will not request and extension to the December 31 leave date, while the EU will continue to demand that the UK remains within the existing EU framework. This high level game of bluff is being played out against a background of coronavirus-ravaged economies with both sides expected to show negative growth in Q2 and beyond.

Thursday sees the release of the preliminary April PMI data which will give the market a new snapshot of where economies are likely headed. Last month’s numbers made multi-year and multi-decade lows and current forecasts show that tomorrow’s data may well be worse.

Keep Up To Date With All Market Moving Economic Releases With The DailyFX Calendar

EUR/GBP has rallied off the 0.8700 level this week and Tuesday touched a prior short-term high at 0.8865 before retreating. This level, if broken would open the way to the 50% Fibonacci retracement level at 0.8891 and three prior highs all the way to just under 0.9000. In the current climate this move will require a strong fundamental driver. The short-term downside is currently marked at 0.8678 and strengthened by the 200-day moving average at 0.8667. Again a breakout seems unlikely and in the short-term the three-week 0.8678-0.8865 range may well remain intact

EUR/GBP Daily Price Chart (November 2019 - April 22, 2020)

Euro versus Sterling price chart
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Nick Cawley
How are Retail Traders Positioned in These Volatile Times?
Get My Guide

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

News & Analysis at your fingertips.