|Day's Range||0.877 - 0.876|
|52 Week Range||0.8735 - 0.87595|
The Euro rallied significantly during the week, using the 0.8650 level as support. I believe that these markets have a significant amount of resistance at the 0.88 handle, so I think that although we’ve seen some strength, when I look at this chart I see a gradual drift lower.
The EUR/GBP pair has been very choppy during the trading session on Friday as we are a bit confused. It’s not a huge surprise, as the market has seen a lot of headline risk coming out of both the European Union and the United Kingdom. However, this past week we have seen headline risk coming in a new form, the idea of the Bank of England being a bit more dovish than anticipated.
The EUR/GBP pair has broken down during the day on Thursday, breaking below the 0.87 handle. That is an area that has been support in the past, and now is acting as resistance. I believe that this pair will continue to be very noisy, based upon the negotiations between the United Kingdom and the European Union.
The EUR/GBP has broken through the descending trendline and we can see a potential for bullish continuation. Another cue is the U-shaped bottom that has been formed exactly at W L3 support. 0.8688-98 is the POC zone for potential bounces. Targets are 0.8739 and 0.8770. Only if 0.8770 breaks we might see Monthly (M) Pivots as next targets. Have in mind that EUR/GBP is both EUR and GBP news dependent, so any important news could spike the price in both directions, but generally the intraday trend is up.
The EUR/GBP got a bit of a boost as deflationary fears entered the picture in the United Kingdom. However, there is a significant amount of noise in the immediate area where we are trading, so it makes sense that we may have gotten a bit of a pullback. I think the next 24 hours could be very crucial for this market.
Investing.com - The dollar gained ground against a basket of the other major currencies on Wednesday as the pound and the euro both weakened after softer than expected inflation readings in the UK and euro zone.
Investing.com - The pound fell to the day’s lows on Wednesday after data showing that Britain’s inflation fell to its lowest in a year in March, potentially diminishing the chances for a rate hike by the Bank of England next month.
The EUR/GBP pair has gone back and forth during the trading session on Tuesday, initially trying to rally towards the 0.8650 level, but then rolled over to break down towards the 0.8625 handle. The market is in a downtrend, so I think that selling rallies should continue to be an issue.
Investing.com - The pound pulled back from 22-month highs against the dollar on Tuesday after the latest UK employment report showed that wage growth missed estimates, but a cost of living squeeze is still easing.
The EUR/GBP pair has been very choppy during the trading session on Monday, showing signs of indecision yet again. The market will of course have a lot of things to pay attention to, not the least of which would be negotiations between the EU and the UK.
Investing.com - Traders will be keeping a close eye on geopolitical developments in the coming week amid heightened tensions between the U.S. and Russia in the wake of U.S.-led missile strikes on Syria and the latest round of U.S. sanctions on Russia.
The EUR/GBP pair broke down rather significantly during the week, breaking the bottom of what has been a massive consolidation area. By rolling over the way it has, it looks as if we will go looking for lower levels from here. There are some obvious psychological support levels, but also structural ones that are even lower.
The EUR/GBP pair has been negative over the last several sessions, and although Friday was a bit rocky, we ended up forming a bit of a short-term bounce. I think that the market breaking down below the 0.87 level is the most important thing that you can see on the chart.
The EUR/GBP pair broke down below the vital 0.87 support level during the trading session on Thursday, which of course is a very negative sign as it has been the bottom of consolidation for a while. Now that we have done this, I believe that the market will continue to go towards the 0.86 level.
The EUR/GBP has been trapped within the narrow range of W L3 and W H3 Pivot. Slow price action indicates that we might expect a breakout when volatility gets higher. At this point, the price is stalling between the two trend line diagonals that also intersect essential pivot points. Break of W H3 – 0.8737 should target 0.8760 and possibly 0.8792. However a break of D L3 – 0.8710 should target 0.8680. The EUR/GBP ATR is low, so pay attention to breakouts and corresponding targets.
The EUR/GBP pair rallied significantly during the day on Wednesday, reaching towards the 0.8740 level, and then pulled back enough to show signs of weakening. This is a very volatile pair, as we continue to witness the negotiations between London and Brussels.
The EUR/GBP pair initially pulled back during trading on Tuesday but found enough support underneath to turn around and rally significantly. The 0.87 level continues to be very crucial, so pay attention to this market.
Investing.com - The pound rose to its highest level in two weeks against the dollar on Tuesday after a senior Bank of England official said UK interest rates should be raised again without delay.
The EUR/GBP pair bounced a bit during the trading session on Monday, as the 0.87 level continues to be massive support. I believe that the market will continue to respect this area, as it was the bottom of the longer-term consolidation area that has been such a major part of this market.
Investing.com - Investors will be closely watching trade related developments in the coming week after renewed jitters over trade tensions between the U.S. and China sent the dollar sliding on Friday.
The EUR/GBP pair went a bit lower during the week, reaching down towards the 0.87 level, an area that has been the bottom of the consolidation for some time. That being said, I believe that we will continue more of the same.
The EUR/GBP pair continues to fall overall, as we are testing major support. I believe that this support level is crucial, as it has shown a significant amount of buying pressure underneath. The 0.87 level is massive and its importance.
The EUR/GBP pair has rallied a bit during the trading session on Thursday, reaching towards the 0.750 level. We have a significant amount of support at the 0.87 handle, which is the bottom of the overall consolidation that we have been in for some time.
The EUR/GBP pair was initially positive on Wednesday but found enough resistance near the 0.8750 level to roll over a bit. I think that this market is going to continue to be very difficult, but we are much closer to the bottom of the larger consolidation area that we are the top. By default, this means that most traders will be looking to buy this pair given an opportunity.