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.

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
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
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
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
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
More View more
Real Time News
  • ECB policymakers were out in force last week, saying they were watching Eurozone government bond yields, but yields rose anyway, and that’s positive for $EURUSD and the Euro crosses. Get your market update from @MartinSEssex here: https://t.co/nJdh9dA1HM https://t.co/peLh7zTTiz
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/vs7ypHHwya
  • The GBP rally vs USD came to an abrupt end and reversal; this sets cable up for more selling in the week ahead. Get your market update from @PaulRobinsonFX here: https://t.co/Ee9PSppnd2 https://t.co/uaiCiEHBMs
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/OXUgYIl2ru
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/xncree8XaW
  • 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/EfWEACQ6Cz https://t.co/gGOU1RVQzq
  • 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/EfWEACQ6Cz https://t.co/wrI29FTN41
  • 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/t9Flsqcxo9 https://t.co/UzzC1bGzRJ
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/46bdHdOmOV
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/6FokpDbL65
EUR/GBP Price Outlook - Breaking Multi-Month Support Ahead of the ECB Rate Decision

EUR/GBP Price Outlook - Breaking Multi-Month Support Ahead of the ECB Rate Decision

Nick Cawley, Strategist

EUR/GBP Price, News and Analysis:

  • EUR/GBP pushing below 0.8865 support.
  • The ECB press conference will be key for the Euro.
Advertisement

The European Central Bank (ECB) releases its latest monetary policy decision Thursday and while all settings are expected to remain untouched, the post-decision press conference may make for interesting listening. The ECB noted at the December meeting that it continues to monitor the strength of the Euro and its effect on inflation and ECB President Christine Lagarde may well return to this during the press conference. President-elect Joe Biden’s recent USD1.9 trillion stimulus proposal will continue to push the US dollar lower, leaving the Euro at risk of further appreciation. The latest Euro-Zone inflation data showed little price pressure in the zone and tomorrow’s commentary is likely to be key for the short- and medium-term path of the single currency.

EUR/GBP Price Outlook - Breaking Multi-Month Support Ahead of the ECB Rate Decision

For all market-moving economic data and events, see the DailyFX Calendar.

EUR/GBP continues to press lower with Sterling’s strength currently in charge of the move. The 0.8860/65 level has been identified in the past as an important support area and the pair have just drifted through here, although not convincingly as yet. For EUR/GBP to make an attempt on a prior swing-low area around 0.8665/78, the pair will need to open below current support and break through the 61.8% Fibonacci resistance level at 0.8747. The daily chart does show a negative moving average set-up which will stem any bullish sentiment.

EUR Forecast
EUR Forecast
Recommended by Nick Cawley
Download our Fresh Q1 Euro Forecast
Get My Guide

EUR/GBP Daily Price Chart (February 2020 – January 20, 2021)

EUR/GBP Price Outlook - Breaking Multi-Month Support Ahead of the ECB Rate Decision
EUR/GBP BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -20% 9% -9%
Weekly -28% -1% -18%
Learn How to Use Sentiment in Your Trading Strategy
Get My Guide

IG Retail Trader datashows 72.03% of traders are net-long with the ratio of traders long to short at 2.58 to 1.We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/GBP prices may continue to fall.Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed EUR/GBP trading bias.

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