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
More View more
Real Time News
  • 🇺🇸 MBA Mortgage Applications (15/OCT) Actual: -6.3% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2021-10-20
  • Sajid Javid will hold a press conference at 1700BST
  • UK Health Secretary Javid will tonight warn masks, working from home, and vaccine passports will be brought in unless more Brits get their booster jabs - The Sun
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.26%, while traders in GBP/JPY are at opposite extremes with 72.80%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6QXSNNKeNM
  • Heads Up:🇺🇸 MBA Mortgage Applications (15/OCT) due at 11:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-10-20
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/nOWsMS6vVL
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 1.10% Gold: 0.56% Oil - US Crude: -1.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YpuIOxQHMK
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.19% 🇦🇺AUD: 0.18% 🇨🇦CAD: 0.06% 🇯🇵JPY: -0.11% 🇨🇭CHF: -0.15% 🇬🇧GBP: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ESvLA3Hjiw
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.04% Wall Street: 0.00% US 500: -0.01% FTSE 100: -0.08% France 40: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vk97Gc2YNG
  • 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/JVcUobefnY
EUR/GBP Forecast: EUR vs GBP Price – Waiting for Upside Break

EUR/GBP Forecast: EUR vs GBP Price – Waiting for Upside Break

Mahmoud Alkudsi, Analyst

EUR/GBP Technical Analysis

  • Eyes on the EU-UK negotiations updates
  • Bullish signals on EUR vs GBP price chart

EUR/GBP Price – Multi-Week High

On Friday, EUR/GBP took off to a near three-month high at 0.9072 then closed the weekly candlestick in the green with a 0.8% gain.

The EU-UK negotiations continue to be one of the market movers. This week, the EU chief Brexit negotiator Barnier stated that: “The ball is in the UK’s court ” and added that the UK would be more affected than the EU if trade tariffs kick in, meaning that Europe would not cut a deal at any cost.

EUR/GBP DAILY PRICE CHART (Aug 1, 2018 – June 26, 2020) Zoomed Out

EURGBP daily price chart 26-06-20. zoomed out

EUR/GBP DAILY PRICE CHART (May 13 – June 26, 2020) Zoomed In

EURGBP daily price chart 26-06-20. zoomed in

On June 18, EUR/GBP broke above the downtrend line originated from the May 29 high at 0.9054, and generated a bullish signal. Yesterday, the price rebounded from the aforementioned line then climbed back to the current trading zone 0.9015 – 0.9149 highlighting that bullish bias was still intact.

Another close above the low end of the zone signals that bulls may push towards the high end of it. A further close above that level could encourage bulls to extend the rally towards 0.9248.

On the other hand, a close below the low end reflects the bull’s hesitation and this could send EURGBP towards 0.8912. Any further close below that level may send the market even lower towards 0.8832.

EUR/GBP FOUR HOUR PRICE CHART (June 6 – June 26, 2020)

EURGBP four hour chart 26-06-20

On Monday, EURGBP corrected its upward trend and started a sideways move creating lower highs with higher lows. Therefore, a break above the higher line of the bullish rectangle would be considered a bullish signal, while any violation of the uptrend line originated from the April 30 low would be considered a bearish signal.

To conclude, a break below 0.8988 could send EURGBP towards 0.8912 while, any break in above 0.9090 may trigger a rally towards the high end of the current trading zone discussed above on the daily chart. That said, the weekly support and resistance levels marked on the four-hour chart should be watched closely.

Written By: Mahmoud Alkudsi, Market Analyst

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