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 Download
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
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
Gold
Bearish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.63% 🇨🇭CHF: 0.18% 🇪🇺EUR: 0.14% 🇨🇦CAD: -0.36% 🇦🇺AUD: -0.48% 🇳🇿NZD: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lvf5gaeNug
  • 🇨🇭 CHF KOF Leading Indicator (FEB), Actual: 100.9 Expected: 97.8 Previous: 100.1 https://www.dailyfx.com/economic-calendar#2020-02-28
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: -1.52% Wall Street: -1.68% France 40: -3.34% Germany 30: -3.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/VPbRZjdga3
  • 🇪🇺 EUR French Gross Domestic Product (YoY) (4Q F), Actual: 0.9% Expected: 0.8% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2020-02-28
  • Heads Up:🇨🇭 CHF KOF Leading Indicator (FEB) due at 08:00 GMT (15min), Actual: N/A Expected: 97.8 Previous: 100.1 https://www.dailyfx.com/economic-calendar#2020-02-28
  • 🇨🇭 CHF Retail Sales Real (YoY) (JAN), Actual: -0.1% Expected: N/A Previous: 0.8% https://www.dailyfx.com/economic-calendar#2020-02-28
  • 🇨🇭 CHF Retail Sales Real (YoY) (JAN), Actual: -0.1% Expected: N/A Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-02-28
  • Hey traders! Want to get your market coverage on Instagram? Follow us @Dailyfx_Markets for live AMAS with our analysts, market updates and tools to improve your trading strategy. Start following us today! https://t.co/w4Dfhfw6gl
  • Heads Up:🇪🇺 EUR French Gross Domestic Product (YoY) (4Q F) due at 07:45 GMT (15min), Actual: N/A Expected: 0.8% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2020-02-28
  • Heads Up:🇨🇭 CHF Retail Sales Real (YoY) (JAN) due at 07:30 GMT (15min), Actual: N/A Expected: N/A Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-02-28
EUR/GBP Technical Analysis: Down Trend Starting to Resume?

EUR/GBP Technical Analysis: Down Trend Starting to Resume?

2017-12-01 03:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Break of November rising trend support hints dominant decline may be resuming
  • Proximity to support demands improved risk/reward setup before entering short

The Euro broke support guiding it higher against the British Pound through November, hinting the dominant down trend may be resuming. Prices have been locked in a choppy range since late September but a break of rising trend support after a test of the post-Brexit vote high hints the overall bias favors the downside.

Near-term support is at 0.8796, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a test of the 0.8728-46 area (September 27 low, 50% level). Alternatively, a move back above the November 21 lowat 0.8842 exposes the 23.6% Fib at 0.8879 for a retest.

The entry order to sell EUR/GBP at 0.8878 was activated but the trade stopped out before the expected down move was realized. Prices are now too close to support to justify re-entering the trade from a risk/reward perspective and waiting on the sidelines for a better setup seems prudent.

Not sure where to start on your EUR/GBPtrading strategy? Check out our beginners’ guide!

EUR/GBP Technical Analysis: Down Trend Starting to Resume?

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

DISCLOSURES

News & Analysis at your fingertips.