All Articles Tagged - EURGBP

Technical Analysis – EURGBP back in bearish mode

Posted on May 31, 2023 at 10:43 am GMT

EURGBP resumed its bearish direction after a short period of trading sideways, falling to a new five-month low of 0.8624 on Wednesday. Market sentiment weakened following the rejection near the 20-day simple moving average (SMA) and there might be more selling activity in the short term given the negative trajectory in the momentum indicators. Still, with the price trading near the lower Bollinger band at 0.8630 and the RSI testing its 2022-2023 lows, a pause in the ongoing bearish action or an [..]

ECB’s resolve to be tested by a potential downside surprise in inflation – Forex News Preview

Posted on May 29, 2023 at 9:03 am GMT

Another week has just started, and it is another test for the ECB’s commitment to deliver price stability. With growth slowing down considerably, as seen at last week’s weaker business surveys, the focus turns to inflation figures. Could a mixed set of data create second thoughts at the ECB and put a (temporary?) stop to the recent euro/US dollar decline? Where are we now? With the US flirting with a debt default and a likely loss of its AAA rating, [..]

Technical Analysis – EURGBP breaches new floor before rebounding

Posted on May 24, 2023 at 3:54 pm GMT

EURGBP briefly spiked below the floor of what is appearing to be a new trading range for the pair before sharply recovering higher. The upper limit of this range seems to be forming around the 61.8% Fibonacci retracement of the December 2022-February 2023 uptrend. If it holds, it would validate the short-term sideways pattern bound by the ceiling of 0.8711 and a floor around 0.8667. The momentum indicators support the picture of an improving near-term bias, as both the stochastics [..]

A strong set of business survey numbers appears to suit ECB’s intentions – Forex News Preview

Posted on May 22, 2023 at 10:28 am GMT

With the euro experiencing a rather difficult month and confirming the various seasonality studies, this week’s data calendar has the potential to offer even more excitement. In particular, the preliminary PMI prints and the German IFO survey are expected to be closely scrutinized as certain market participants are trying to counter the elevated ECB rate hiking expectations. The euro would definitely enjoy a boost following its recent performance against both the US dollar and the pound. ECB is on a [..]

Technical Analysis – EURGBP trades flat near 5-month low

Posted on May 17, 2023 at 2:48 pm GMT

EURGBP had been trading sideways since the beginning of the year before its range broke to the downside and the pair recorded a fresh five-month bottom of 0.8659 in mid-May. However, the paid failed to extend its retreat, with the price trading flat in the past week. The momentum indicators currently suggest that bearish forces are in control. Specifically, the RSI is flatlining below its 50-neutral mark, while the MACD histogram is softening beneath zero and its red signal line. [..]

Technical Analysis – EURGBP gains some ground after falling to new 5-month low

Posted on May 10, 2023 at 9:29 am GMT

EURGBP had a bullish start on Wednesday, after the price rebounded off the five-month low of 0.8675. The pair has been holding within a downward sloping channel since February and slipped below the 200-day simple moving average (SMA), confirming a negative structure in the medium-term timeframe as well. The momentum signals are bearish as well as the RSI remains in negative territory after failing to break below its 30 neutral mark. The MACD oscillator is strengthening its bearish momentum beneath [..]

Will the Bank of England once again fail to address the inflation problem? – Forex News Preview

Posted on May 9, 2023 at 9:25 am GMT

Events elsewhere have been stealing the headlines lately, but this week’s focus will almost entirely be on the UK as the BoE is holding its rate setting meeting on Thursday. Will the BoE decision provide another boost to the pound against the euro? BoE’s inflation problem Banking sector shenanigans in the US, the much-talked Chinese reopening and euro area developments have recently monopolized the market’s interest. But this week the BoE will be in the spotlight. This is the third meeting for [..]

Technical Analysis – EURGBP selling may continue

Posted on May 5, 2023 at 8:34 am GMT

EURGBP erased Tuesday’s fast pickup, extending its two-day decline to a new one-month low of 0.8740 early on Friday. The bulls ran out of fuel near the 38.2% Fibonacci retracement of the 0.8201-0.9249 uptrend at 0.8850 and the upper boundary of the three-month-old bearish channel, increasing speculation that a new bearish wave might be now in progress. Adding to the negative risks is Thursday’s close below the support trendline drawn from August’s lows seen at 0.8800. The RSI and the MACD are raising [..]

Technical Analysis – EURGBP pokes its nose above 0.8865

Posted on April 25, 2023 at 1:59 pm GMT

EURGBP has been edging north since April 19 when it hit support slightly above the 100-day exponential moving average (EMA). The pair is trading above all three of the plotted EMAs, as well as above the uptrend line drawn from the low of August 3, which paints a positive medium-term picture. Our short-term oscillators make the outlook even brighter. The RSI moved higher after rebounding from its 50 line, while the MACD lies above both its zero and trigger lines, [..]

Letting the euro area data speak for itself – Forex News Preview

Posted on April 21, 2023 at 8:48 am GMT

With the market counting down the days to the first week of May, next week’s data releases will probably give us the strongest indication about the forthcoming ECB decision. Inflation and GDP figures set the scene for an exciting week especially as euro/dollar is trying to remain in the vicinity of 1.10. CPI is the key for the May ECB meeting At the March meeting the ECB announced its new data-dependent strategy. It essentially moved from the “hike-as-fast-as-possible” doctrine to [..]

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