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
EUR/USD
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
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
Wall Street
Bullish
Gold
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
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
More View more
Real Time News
  • The S&P 500 is very near filling the coronavirus gap down on February 24, it only needs to go another 30 points to 3337 to complete the task. Get your S&P500 technical analysis from @PaulRobinsonFX here: https://t.co/WOWt3btE3X https://t.co/420GUgjBKP
  • Commodities Update: NYM WTI Crude 42.25 (+1.32%), ICE Brent Crude 45.27 (+1.89%), NYM NYH Gasoline 122.54 (+0.91%). [delayed]
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 3.22% Gold: 0.87% Oil - US Crude: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OZAg17Ojqt
  • #Gold has rallied over $200/oz. since then and late Tuesday broke through $2,000/oz. with ease. Get your $XAUUSD technical analysis from @nickcawley1 here: https://t.co/377MlMYPwT https://t.co/i5fE0zpse4
  • Trump threatens to take executive action on certain relief efforts should congress fail to make a deal - Fox Business News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.96%, while traders in US 500 are at opposite extremes with 76.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/X22WA5Nxrx
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.04% US 500: 0.56% France 40: -0.11% Germany 30: -0.15% FTSE 100: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/H9HgvCLdlE
  • US Treasury Yields: 2-Year: 0.109% 3-Year: 0.125% 5-Year: 0.215% 7-Year: 0.391% 10-Year: 0.545% 30-Year: 1.224% $TNX
  • The Bank of England is not expected to make any major changes to the current monetary policy after QE had been expanded by GBP 100bln at the prior meeting. Get your market update from @JMcQueenFX here:https://t.co/jvKHp6s3XG https://t.co/jz3EhCdtae
  • Canadian #Dollar Outlook: $USDCAD Plummets to Major Uptrend Support - https://t.co/HLtQstewm6 https://t.co/DXXIOvBKzX
EUR/GBP Technical Analysis: Has the Long Term Uptrend Resumed?

EUR/GBP Technical Analysis: Has the Long Term Uptrend Resumed?

2018-08-29 00:30:00
Ilya Spivak, Head Strategist, APAC
Share:

EUR/GBP Technical Strategy: Flat

  • Euro rises to the highest in nearly a year against British Pound
  • Ten-month range top break hints long-term uptrend is resuming
  • Risk/reward setup, shorter-term chart warn against long trade

See our free guide to help build confidence in your EUR/GBP trading strategy!

The Euro continues to gain ground against the British Pound, with five days of consecutive gains bringing it to the highest level in almost a year. A breach above the range top containing price action since mid-October 2017 seems to suggest that the dominant uptrend started in November 2015 is resuming.

Resistance is now at 0.9103, the 50% Fibonacci expansion, with a break above that confirmed on a daily closing basis opening the door for a challenge of the 0.61.8% level at 0.9152. Alternatively, a move back below the 38.2% Fib at 0.9055 paves the way for a retest of the 0.9007-31 area.

Euro vs British Pound Chart - daily

Still, entering long seems premature. First, prices are too close to immediate resistance to justify the trade on risk/reward grounds. Second, a look at the four-hour chart reveals a bearish Dark Cloud Cover candlestick pattern, which may precede a pullback. On balance, standing aside seems most prudent for now.

Euro vs British Pound Chart - 4 hour

EUR/GBP TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

DISCLOSURES

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.