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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
EUR/GBP Price Fading Back Towards Support After Double-Digit Rally

EUR/GBP Price Fading Back Towards Support After Double-Digit Rally

Nick Cawley, Senior Strategist
What's on this page

EURGBP Price, Chart and Analysis:

  • Weekly uptrend looks set to be broken but support remains near.
  • Weekly chart remains overbought despite recent fade lower.

Q3 2019 GBP and EUR Currency Forecast andTop Trading Opportunities

Keep up to date with all key economic data and event releases via the DailyFX Economic Calendar

EURGBP is currently making its fourth daily bear candle in a row and is set to break its recent near four-month uptrend on the weekly chart. The rally, in excess of 11% from the May 5 low at 0.8490 has been driven primarily by fundamental drivers as well as the chart showing a strong oversold signal back at the start of May. The pair is nearing a supportive zone of recent highs/lows between 0.9190 and 0.9210 and reaction here will set the tone for the next short-term move. A move lower would bring into play the January 2 exhaustion high at 0.9116 which preceded a four-month sell-off. Overall the daily chart remains positive unless this level is broken and closed below.

GBPUSD, EURGBP Prices, Brexit and Market Risk.

EURUSD Price Under Pressure After EU/German Sentiment Crashes

EURGBP Daily Price Chart (December 2018 – August 15, 2019)

On the weekly chart, EURGBP, the recent 11%+ rally looks set to be broken after the pair broke, but did not close above, the August 2017 high print at 0.9307. To the downside, 0.9116 remains relevant before the 0.9050 area. EURGBP is still in heavily overbought territory although the CCI indictor has just turned lower and suggests that upward momentum is slowing.

EURGBP Weekly Price Chart (January 2017 – August 15, 2019)

Retail traders are 19.1% net-long EURGBP according to the latest IG Client Sentiment Data, a bullish contrarian indicator. However recent daily and weekly positional changes give us a bearish contrarian biaseven though traders remain short.

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 Euro-Sterling (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 at or via Twitter @nickcawley1.

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