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Euro Outlook Versus Sterling: EUR/GBP Heading for Key Resistance?

Euro Outlook Versus Sterling: EUR/GBP Heading for Key Resistance?

Dimitri Zabelin, Analyst

EUR/GBP, Euro, Sterling, Brexit – TALKING POINTS

  • EUR/GBP heading for critical resistance
  • Will the pair begin to reverse downtrend?
  • Brexit drama could induce high volatility

Learn how to use political-risk analysis in your trading strategy!

The Euro may rise against the British Pound in the week ahead with EUR/GBP appearing to rebound after it hit a four-month low at 0.8786 (gold dotted line). The next major price level may be former support-now-turned resistance at 0.8917 (white speckled line).

EUR/GBP Outlook: Recovery Ahead?

Chart showing EUR/GBP

EUR/GBP chart created using TradingView

EUR/GBP’s potential turn-around comes after the pair retreated over five percent after it reached a three-year high on the back of closing higher for 14 consecutive weeks. A weekly chart illustrates EUR/GBP’s spectacular fall after it broke through a multi-month rising support zone (yellow channel).

A Daunting Path Ahead

Chart showing EUR/GBP

EUR/GBP chart created using TradingView

However, the road to recovery remains formidable, though recent history has shown that unexpected fundamental developments – primarily related to Brexit – can provide a boost to the pair. However, traders may be cautious about committing capital on the basis of hoping that growing fears of a no-deal Brexit will pressure Sterling and push EUR/GBP higher.

Instead, they may wait for the pair to clear resistance at 0.8917 with follow-through before adding additional exposure. However, as noted in previous Euro-Sterling forecasts, performing technical analysis on any GBP crosses is unusually difficult due to it being chained to a fundamentally volatile environment.

EUR/GBP TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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

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