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
GBP/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
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.13% 🇬🇧GBP: 0.10% 🇨🇭CHF: 0.03% 🇨🇦CAD: -0.02% 🇳🇿NZD: -0.11% 🇦🇺AUD: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SEL9ZfqXwT
  • RT @BChappatta: *KUDLOW: UNRESOLVED ISSUES IN PHASE 1 COULD SPILL INTO PHASE 2 this is farce
  • Why financial market traders must monitor both monetary and fiscal policy?Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/chL9NmEE6T
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.13% US 500: -0.20% Germany 30: -0.55% France 40: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/68ZM5scRYu
  • German Finance Minister on Brexit Extension- Pushing Back the Data by Two or Three Weeks to Allow Ratification Will Rather Not Be a Problem- Reuters
  • Get trading education and join our analysts for live coverage of all major economic data at the DailyFX Webinars. https://www.dailyfx.com/webinars?re-author=Cottle?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • The $JPY is overwhelmingly in the grip of fundamental and macro action, but $USDJPY charts show the pair in a fascinating spot. Get your market update from @DavidCottleFX here:https://t.co/nD8RuyzvGG https://t.co/aIKgiiuv0v
  • European Opening Calls from IG: #FTSE 7211 -0.02% #DAX 12692 -0.49% #CAC 5623 -0.61% #MIB 22398 -0.40% #IBEX 9331 -0.53% #STOXX 3585 -0.54% #SA40 49454 -0.31%
  • JPY Japan Sep Nationwide Department Store Sales YY: Actual: 23.1% Previous: 2.3% Tokyo Department Store Sales: Actual: 20.7% Previous: 4.7% Retail demand has clearly picked up ahead of planned sales tax hike
  • Trump Policies Invite Inflation But Gold Prices May Fall Anyway - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/10/23/Trump-Policies-Invite-Inflation-But-Gold-Prices-May-Fall-Anyway.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #gold #XAUUSD #Trump
EUR/GBP Price Fading Back Towards Support After Double-Digit Rally

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

2019-08-15 09:37:00
Nick Cawley, Analyst
Share:

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)

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

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)

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

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 nicholas.cawley@ig.comor 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.