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
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
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
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
  • AiG Manufacturing Index (May): 41.6 vs 35.8 prior. Factory sector shrank for a second consecutive month, but at a slower pace than April. #AUDUSD
  • US equity futures pointed lower along with cycle-sensitive AUD and NZD while anti-risk #JPY and #USD are edging higher. Possible catalysts are protests in American cities combined with tension between the US and China over Hong Kong.
  • Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZnn4H
  • (Weekly Fundamental Outlook) The medium-term #gold outlook still seems favorable as the #Fed, ECB and more keep rates around 0. Immediate event risk ahead includes the RBA and BoC interest rate decisions, US jobs data and #Brexit talks #XAUUSD - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/05/30/Gold-Prices-Face-RBA-BoC-ECB-US-Jobs-Data-and-Brexit-Talks.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/m8sRNc4L5H
  • U.K. Eurozone Czech Poland Germany Italy France Spain Indonesia Hong Kong Singapore Japan Unemployment stats: US Eurozone
  • Hello there, traders! Heads up: we have got a data-packed week ahead of us. Here are the highlights: Central bank rate decisions: - BOC - ECB Markit PMI data out of: China US Vietnam Malaysia South Korea Philippines Thailand Taiwan India Turkey (continued⬇️)
  • The European Commission proposed an ambitious recovery fund, containing the key parts of the Franco-German aid package with grants at EUR 500bln and loans at EUR 250bln. Get your $EURUSD update from @JMcQueenFX here: https://t.co/LmIaveRajb https://t.co/LWTBVLIDBf
  • The trio of central banks overseeing the commodity currencies have already cut their main rates to all-time lows. Get your market update from @CVecchioFX here: https://t.co/OSUXrN5P3j https://t.co/3nwDel6e28
  • The tension from March continues to subside, allowing for the $USD to slide to fresh two-month-lows. Get your currencies market update from @JStanleyFX here: https://t.co/bRSRjUqg6Z https://t.co/Q35YpIZEd2
  • López Obrador hopes #USMCA will help tighten trade relationships between the US and Mexico. Get your currencies market update from @HathornSabin here: https://t.co/bZrUKSCGaS https://t.co/MZ7UoiWWRj
EUR/GBP Technical Analysis: Digesting Near 4-Month Low

EUR/GBP Technical Analysis: Digesting Near 4-Month Low

2016-05-31 00:26:00
Ilya Spivak, Head Strategist, APAC
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

The Euro is consolidating in a narrow range against the British Pound after falling to the lowest level in nearly four months. The appearance of positive RSI divergence hints at ebbing selling pressure and suggests that a corrective recovery may be in the cards ahead.

A push above the 38.2% Fibonacci retracement at 0.7683 sees the next upside barrier at 0.7748, a former support level now recast as resistance.Alternatively, a break of the 50% level at 0.7549 confirmed on a daily closing basis clears the way for a test of the 61.8% Fib at 0.7415.

EUR/GBP was sold at 0.7876 and prices have subsequently hit the trade’s initial target, triggering partial profits to be taken while the stop-loss was adjusted to breakeven. As of now, any on-coming gains from here will be looked at in the context as an opportunity to add to short exposure.

Losing money trading EUR/GBP? This might be why.

EUR/GBP Technical Analysis: Digesting Near 4-Month Low

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

DISCLOSURES

News & Analysis at your fingertips.