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. See our updated Privacy Policy here.

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
GBP/USD
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
More View more
Real Time News
  • German SPD's Scholz claims election victory, adds that a coalition agreement is possible between SPD, Greens and FDP $EUR
  • Oil Watch "SPR could release 33 to 82.5mln barrels of crude oil in series of auctions, but it is unlikely to have a material impact on crude markets given China's 10mbpd import and 14mbpd consumption" - Wood Mackenzie
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1cYv9t https://t.co/7Q5Y3RquIj
  • Heads Up:🇯🇵 BoJ Gov Kuroda Speech due at 05:35 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-27
  • 🇯🇵 Leading Economic Index Final (JUL) Actual: 104.1 Previous: 104.2 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Crude Oil Prices Hit 2-Month High on Supply Squeeze, 2021 Top Eyed - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/27/Crude-Oil-Prices-Hit-2-Month-High-on-Supply-Squeeze-2021-Top-Eyed.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #OOTT #crudeoil https://t.co/Rx9kbVPlys
  • 🇯🇵 Leading Economic Index Final (JUL) Actual: 104.1 Previous: 104.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • 🇯🇵 Coincident Index Final (JUL) Actual: 94.4 Previous: 94.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Heads Up:🇯🇵 Coincident Index Final (JUL) due at 05:00 GMT (15min) Previous: 94.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Heads Up:🇯🇵 Leading Economic Index Final (JUL) due at 05:00 GMT (15min) Previous: 104.6 https://www.dailyfx.com/economic-calendar#2021-09-27
EUR/GBP Technical Analysis: Best Weekly Gains in 2018 at Risk?

EUR/GBP Technical Analysis: Best Weekly Gains in 2018 at Risk?

Daniel Dubrovsky, Strategist

EUR/GBP Technical Analysis

  • EUR/GBP on the verge of its longest weekly winning streak in about 16 months
  • The pair may be getting ready to either extend its dominant uptrend or reverse
  • Clearing horizontal range resistance between 0.906 and 0.9098 won’t be easy

Just started trading EUR/GBP? Check out ourbeginners’ FX markets guide!

EUR/GBP prices may be on the verge of attempting to breach 2018 highs again after failing to do so when I looked at the pair last week. This area is a range of horizontal support in-between 0.90607 and 0.90986. A push above it, with confirmation, would open the door to testing the August 2017 highs between 0.92625 and 0.93065.

Meanwhile the pair’s dominant uptrend from the middle of November is being supported by a rising trend line. This support line has aided to set the stage for EUR/GBP’s longest consecutive winning streak in about 16 months. If prices end Friday above 0.8979, the pair will have confirmed 4 weeks of gains. A fifth one would be its longest since May 2017.

Looking at the daily chart below, EUR/GBP is running out of congestion space between support and resistance. It perhaps won’t be long until it sets the stage for its next move and whether it will be extending its uptrend or turning lower. Clearing 0.90986 exposes the 38.2% Fibonacci extension at 0.91172 before testing the 78.6% retracement at 0.91596.

On the other hand, a descent through the rising trend line opens the door to testing the September 21st high around 0.89957. Closing under that then leaves near-term support as a horizontal range in-between 0.89235 and 0.89394. You may follow me on Twitter @ddubrovskyFX for more immediate updates in what is going on in EUR/GBP trading.

EUR/GBP Daily Chart

EUR/GBP Technical Analysis: Best Weekly Gains in 2018 at Risk?

**Charts created in TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES