The EUR/GBP currency pair remains in a bearish trend, with price action aligning with the longer-term prevailing downtrend. However, short-term moves could see a corrective bounce before resuming the dominant trend.
Bearish Scenario:
The key level to watch is 0.8274, which serves as a crucial resistance zone.
A potential oversold rally toward 0.8274 may result in a bearish rejection, reinforcing the downside trend.
If selling pressure resumes from this level, the next targets are 0.8240, followed by 0.8225, with 0.8200 acting as a longer-term support.
Bullish Scenario:
A confirmed breakout above 0.8274 on a daily close would challenge the bearish outlook.
This could trigger further upside momentum, leading to a test of 0.8290, followed by 0.8305 if bullish momentum strengthens.
A sustained move above 0.8305 could signal a broader shift in trend dynamics.
Conclusion:
The overall sentiment remains bearish, but an oversold bounce toward 0.8274 could provide a fresh shorting opportunity if rejection occurs. However, a break above 0.8274 and a daily close beyond this level would open the door for further upside. Traders should watch price action around this key resistance zone to confirm the next directional move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Bearish Scenario:
The key level to watch is 0.8274, which serves as a crucial resistance zone.
A potential oversold rally toward 0.8274 may result in a bearish rejection, reinforcing the downside trend.
If selling pressure resumes from this level, the next targets are 0.8240, followed by 0.8225, with 0.8200 acting as a longer-term support.
Bullish Scenario:
A confirmed breakout above 0.8274 on a daily close would challenge the bearish outlook.
This could trigger further upside momentum, leading to a test of 0.8290, followed by 0.8305 if bullish momentum strengthens.
A sustained move above 0.8305 could signal a broader shift in trend dynamics.
Conclusion:
The overall sentiment remains bearish, but an oversold bounce toward 0.8274 could provide a fresh shorting opportunity if rejection occurs. However, a break above 0.8274 and a daily close beyond this level would open the door for further upside. Traders should watch price action around this key resistance zone to confirm the next directional move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.