All Articles Tagged - EURGBP

Technical Analysis – EURGBP rallies towards 200-SMA as bullish bias strengthens

Posted on April 12, 2023 at 11:46 am GMT

EURGBP has been surging in the four-hour chart after encountering strong support at the April low of 0.8728. Moreover, the price crossed above both the 50-day simple moving average (SMA) and the Ichimoku cloud before temporarily pausing its advance at the 200-day SMA. The short-term oscillators suggest that bullish forces are reigning supreme. Specifically, the MACD histogram is strengthening above both zero and its red signal line, while the RSI is ascending sharply in the positive zone. Should buying interest [..]

Weaker data will be much appreciated at the halls of the Bank of England – Forex News Preview

Posted on April 10, 2023 at 10:26 am GMT

With the UK banking sector surviving the March developments – a sign of good banking regulations or clever hedging from UK banks – the focus remains squarely on economic developments. Inflation remains a proper thorn in BoE’s side that will become even bigger if this week’s data send the wrong message. Could the pound continue to outperform the euro and other major currencies despite the dovish stance by the BoE? BoE’s inflation problem The BoE remains the most intriguing case [..]

Technical Analysis – EURGBP bears face big challenge around 0.8720

Posted on April 5, 2023 at 10:19 am GMT

EURGBP has been making lower lows and lower highs since the beginning of February when it touched the 0.8930 resistance level. Technical indicators, though, continue to send neutral signals, suggesting that the softness in the market is not over yet. The MACD has flattened near its zero and trigger lines, while the RSI is pointing marginally higher below the neutral threshold of 50. The 20- and the 50-day simple moving averages (SMAs) are suggesting sideways and bearish signs. Should prices [..]

Technical Analysis – EURGBP pulls back but stays above uptrend line

Posted on March 29, 2023 at 10:12 am GMT

EURGBP entered a sliding mode last week, but the retreat stopped near the 100-day exponential moving average (EMA) just yesterday. The pair continues to trade above the uptrend line drawn from the low of August 3, which means that the chances for the bulls to take charge again soon are decent. Both the short-term momentum indicators corroborate that view. The RSI, although marginally negative, has turned up, while the MACD is lying below zero, but above its trigger line, pointing [..]

Technical Analysis – EURGBP recoups weekly losses; stays below key barrier

Posted on March 21, 2023 at 4:33 pm GMT

EURGBP drifted sharply higher on Thursday after securing another strong foothold around the key ascending trendline that connects the lows from last August and December 2022. The 50% Fibonacci retracement of the 0.8201-0.9249 uptrend cemented that floor too. The pair has almost recovered from last week’s freefall, but it keeps trading around the key resistance region of 0.8825-0.8850, while it has also been fluctuating within a descending channel over the past six weeks. Therefore, traders may preserve some caution as the momentum indicators are [..]

Technical Analysis – EURGBP at risk of breaking below sideways range

Posted on March 15, 2023 at 3:19 pm GMT

EURGBP has mostly been trading between the 23.6% and 50% Fibonacci retracement levels of the September-December 2022 downtrend over the past three months, but the lower bound of that range came under attack on Wednesday. Sellers swarmed into the market after the 20- and 50-day simple moving averages (SMA) caved in on the price. The 20-day SMA is in the process of crossing below the 50-day one, while the Tenkan-sen and Kijun-sen lines of the Ichimoku cloud are sloping downwards [..]

Technical Analysis – EURGBP eyes multi-month peaks

Posted on March 8, 2023 at 9:16 am GMT

EURGBP has been trading without a clear direction in the past three months, remaining stuck in a wide rectangle pattern despite posting a five-month high of 0.8978 in February. In the near-term, the pair has been gaining ground, appearing ready to challenge the upper boundary of its sideways pattern. The momentum indicators are endorsing a bullish near-term bias. Specifically, the RSI is flatlining above its 50-neutral mark, while the stochastic oscillator is ascending within the 80-overbought zone. Should the buying interest [..]

Technical Analysis – EURGBP returns to February’s low; caution remains

Posted on February 28, 2023 at 9:15 am GMT

EURGBP pulled below its 50-day simple moving average (SMA) at 0.8820, following encouraging headlines that the UK and the EU have found a new deal to replace the problematic Northern Ireland Protocol, which caused severe disagreements between the two sides. The downside correction, however, was not strong enough to violate February’s low of 0.8782, providing a ray of hope that the pair may switch back to recovery mode soon. That said, the technical indicators are not generating clear bullish signals yet. Despite the [..]

Daily Market Comment – Dollar extends gains after PMIs, awaits Fed minutes

Posted on February 22, 2023 at 9:12 am GMT

Dollar strengthens as better PMIs add to Fed hike bets Eurozone and UK PMIs also surprise to the upside Equities and risk-linked currencies feel the heat of hike bets Better PMIs fuel Fed hike bets and the dollar, Fed minutes on tap The dollar traded higher against all but one of the other major currencies yesterday, although it is trading mixed today. The only currency against which the greenback lost ground was the British pound. Following a streak of upbeat [..]

Technical Analysis – Can EURGBP travel further north?

Posted on February 20, 2023 at 1:55 pm GMT

EURGBP traded higher last week, after it hit support near the round figure of 0.8800. However, the advance was halted on Friday, with the pair pulling back somewhat. Overall, EURGBP remains above the uptrend line drawn from the low of August 2, as well as above all the plotted moving averages. These technical signs paint a positive near-term picture. That said, our momentum indicators are implying that some further retreat may be on the cards before the bulls take the reins again, perhaps [..]

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