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
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/LqAfNPnzSN
  • Alibaba's share price surged 8.8% after its founder Jack Ma reappeared after months out of public view. - BABA (+8.8%) - Tencent (+3.36%) - Meituan (+8.04%) - Xiaomi (+1.75%)
  • German Covid deaths increase by 1,734 - BBG
  • Trump grants full pardon to Stephen Bannon, Elliott Broidy - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 64.67%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dKgoDeibwS
  • China's wealthiest person, Jack Ma reportedly released a video supporting a program for rural teachers. He hasn't been seen since the Chinese gov't rejected his company's, Alibaba, IPO. Notably, $BABA was up 3.4% this past session
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.39% 🇨🇦CAD: 0.20% 🇳🇿NZD: 0.19% 🇯🇵JPY: 0.15% 🇪🇺EUR: 0.12% 🇨🇭CHF: 0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/kYm9OmSCbN
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.22% US 500: 0.09% Wall Street: -0.06% Germany 30: -0.08% France 40: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vv3latjbho
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/Jeiti9RSA5
  • WTI breached above a key chart resistance of US$ 52.03 (127.2% Fibonacci extension) and has since opened the door for further upside potential with an eye on US$ 55.23 (161.8% extension). Prices are trending higher within an “Ascending Channel” as highlighted on the chart below. https://t.co/EF2YQGZEz3
EUR/GBP Technical Analysis: Turn Lower Brewing Above 0.91?

EUR/GBP Technical Analysis: Turn Lower Brewing Above 0.91?

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Negative RSI divergence hints Euro downturn brewing vs British Pound
  • Downturn confirmation absent, near-term price trend still points upward

The Euro may be carving out a top above 0.91 against the British Pound as early signs of negative RSI divergence point to ebbing upward momentum. Still, a series of higher highs and lows set from mid-July keep the immediate trend bias favoring the upside.

Near-term term resistance is at 0.9150, the 38.2% Fibonacci expansion, a daily close above that opening the door for at challenge of the 50% level at 0.9231. Alternatively, a reversal below rising trend line support at 0.9090 exposes the 23.6% Fib at 0.9051, followed by the 14.6% expansion at 0.8990.

Negative RSI divergence is not sufficient by itself to justify taking a short position without further confirmation. It is enough of a warning not to try for the long side however, at least for now. With that in mind, opting for the sidelines seems most prudent until greater clarity emerges.

What is the #1 mistake that traders make, and how do you fix it? Find out here!

EUR/GBP Technical Analysis: Turn Lower Brewing Above 0.91?

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

DISCLOSURES