EURGBP bearish scenario:
EURGBP runs lower yesterday. The EURGBP is following the EURUSD's move and in the process has shifted the bias back to the downside. Investors remain worried that the European economy, which relies heavily on Russia to meet its energy needs, will suffer the most from the spillover effect of the Ukraine crisis. But Bank of England had softened its language on the need for further interest rate hikes should act as a headwind for the British pound and help limit losses for the EUR/GBP cross.
In this pair, technical analysis shows a technical figure Rising Wedge. The Rising Wedge broke through the support line on 06/04/2022. EUR/GBP is forming a bearish formation on a daily chart. If the price holds below this level, we will have a possible bearish price movement with a forecast for the next 11 days with a target of 0.82025. According to the experts, your stop loss should be around 0.08513 if you enter this position.
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In this pair, technical analysis shows a technical figure Rising Wedge. The Rising Wedge broke through the support line on 06/04/2022. EUR/GBP is forming a bearish formation on a daily chart. If the price holds below this level, we will have a possible bearish price movement with a forecast for the next 11 days with a target of 0.82025. According to the experts, your stop loss should be around 0.08513 if you enter this position.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
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