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
Wall Street
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
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/lccPTTlvj0
  • GBP/USD’s consolidation could end soon if price breaks out of a symmetrical triangle in play since July. At this time, a downside breakout is likely following the appearance of a death cross. Get your weekly $GBP forecast from @DColmanFX here: https://t.co/WIKdSesfkJ https://t.co/Fx0qr32xgI
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/IRS9MaA7h8
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here: https://www.dailyfx.com/forex/fundamental/forecast/weekly/CHF/2021/09/18/Gold-Price-Outlook-Hinges-on-Fed-Rate-Decision-Forward-Guidance.html https://t.co/dWWxtErjK0
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/4qxwiJsV1K
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/stMPuq0VXR
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/v6RGICQvge
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/rws9LHJV3E
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2021/09/18/Japanese-Yen-Forecast-JPY-Crosses-Eye-BoJ-CPI-as-Haven-Flows-Bolster-Yen-Strength.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/FVisZuTP6M
EUR/GBP Braces for a Possible Price Correction –Euro to British Pound Forecast

EUR/GBP Braces for a Possible Price Correction –Euro to British Pound Forecast

Mahmoud Alkudsi, Analyst

EUR/GBP Technical Forecast

See Our latest trading guides for free and discover what is likely to move the markets through Q4 of this year.

EUR/GBP – Hesitant Sellers

Last week, sellers resumed bearish price action and led EUR/GBP to close the weekly candlestick with 1.2% loss. On Monday, the pair declined further and printed 0.8393 – its lowest level in over seven months. However, the price rallied after, then closed with a bullish Doji pattern, highlighting seller’s indecision at this stage.

The Relative Strength Index (RSI) rose from oversold territory reflecting a slowing down downtrend momentum.

Having trouble with your trading strategy? Need a hand? Here’s the #1 Mistake That Traders Make

EUR/GBP Daily PRice CHART (Jan 1, 2018 – DEC 11, 2019) Zoomed Out

EURGBP price daily chart 11-12-19 Zoomed out

EUR/gbp Daily Price CHART (April 19 –DEC 11, 2019) Zoomed in

EURGBP price daily chart 11-12-19 Zoomed in

Looking at the daily chart, we notice on Dec 4 EUR/GBP tumbled to a lower trading zone 0.8497- 0.8400. This week, the price dipped below this zone however, rallied back later as some sellers took profit

A close below the low end of the zone could encourage more sellers to join the market and press EURGBP towards the vicinity of 0.8312-04. In that scenario, a special attention needs to be paid to the weekly support levels underlined on the chart as some sellers could exit the market at these points.

That said, a close above the high end of the zone would reflect more seller’s hesitation. This could correct the price higher and open the door for buyers to push the price towards 0.8627. Nevertheless, the daily and weekly resistance levels marked on the chart should be considered.

Just getting started?See our Beginners’ Guide for FX traders

EUR/GBP Four Hour PRice CHART (April 15, 2017– DEC 11, 2019)

EURGBP price four hour chart 11-12-19

From the four- hour chart, we notice that EUR/GBP may be on course to develop the right shoulder of inverted head and shoulders. This suggests if the price breaks and remains above 0.8463 the pair could rally eyeing a test of 0.8529.

A break above 0.8497 could cause a rally towards 0.8529. Yet, the daily resistance level underlined on the chart should be watched closely. On the other hand, a break below 0.8389 may send EURGBP towards 0.8331. Although, the weekly support level underscored on the chart should be kept in focus.

See the chart to know more about key technical levels the price would encounter in a further bullish scenario.

Join Me on Friday, DEC 6 at 14:00 GMT. In this session we will talk about most Basic concepts in technical analysis

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES