Skip to content
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
British Pound (GBP) Price Outlook: EUR/GBP Primed for Move Higher

British Pound (GBP) Price Outlook: EUR/GBP Primed for Move Higher

Martin Essex, MSTA,

GBP price, news and analysis:

  • GBP/USD continues to edge higher as the US Dollar slips back.
  • Meanwhile, EUR/GBP looks ready for another upward move as a symmetrical triangle pattern on the charts suggests further gains ahead.
Starts in:
Live now:
Dec 01
( 10:12 GMT )
Recommended by Martin Essex, MSTA
Trading Sentiment
Register for webinar
Join now
Webinar has ended

EUR/GBP well placed to break higher

EUR/GBP looks ready to break higher as a symmetrical triangle continuation pattern on the charts suggests further gains for the pair – as long as the break from the pattern is to the upside. That break would likely lead to an extension of the advance that started on August 12.

EUR/GBP Price Chart, One Hour Timeframe (August 11-31, 2021)

Latest EUR/GBP price chart

Source: IG (You can click on it for a larger image)

With the cross trading around 0.8575 at the time of writing, a modest move above 0.8585 would likely start the new move higher, with the August 23 high at 0.8594 the immediate near-term target.

EUR/GBP Bearish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -1% -5% -3%
Weekly 59% -24% 6%
What does it mean for price action?
Get My Guide

GBP/USD benefiting from USD weakness

In the meantime, GBP/USD continues the climb that began on August 20. Note, though, that this seems to be due largely to US Dollar weakness both before and after Fed Chair Jerome Powell’s dovish speech at the Jackson Hole symposium last week.

Here the first resistance level is the 1.38 round number, which has to be hurdled before any further gains for the pair.

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

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

DISCLOSURES