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

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

2020-06-26 14:31:00
Mahmoud Alkudsi, Analyst
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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
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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.

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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.

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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.

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