Trend: The overall sentiment remains bearish, with price action below key resistance levels.
Recent Movement: Price is forming an oversold basing pattern near a previous swing low, indicating potential for a short-term bounce.
Key Levels
Resistance:
0.8420 – Critical level from previous consolidation.
Above that: 0.8435, then 0.8450 – Further resistance if bullish momentum builds.
Support:
0.8360 – Immediate support.
Below that: 0.8350, then 0.8330 – Deeper support zones on continued weakness.
Trading Scenarios
Bearish Continuation:
A failed rally near 0.8420 followed by rejection, could lead to a move lower toward 0.8360, 0.8350, and 0.8330.
Bullish Reversal:
A break and daily close above 0.8420 would negate the bearish bias and open the door to a rally toward 0.8435 and potentially 0.8450.
Conclusion
EUR/GBP remains bearish overall, but short-term oversold conditions could trigger a bounce. Watch the 0.8420 level closely—rejection favours downside continuation, while a breakout would signal a shift to a more bullish outlook.
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.
Recent Movement: Price is forming an oversold basing pattern near a previous swing low, indicating potential for a short-term bounce.
Key Levels
Resistance:
0.8420 – Critical level from previous consolidation.
Above that: 0.8435, then 0.8450 – Further resistance if bullish momentum builds.
Support:
0.8360 – Immediate support.
Below that: 0.8350, then 0.8330 – Deeper support zones on continued weakness.
Trading Scenarios
Bearish Continuation:
A failed rally near 0.8420 followed by rejection, could lead to a move lower toward 0.8360, 0.8350, and 0.8330.
Bullish Reversal:
A break and daily close above 0.8420 would negate the bearish bias and open the door to a rally toward 0.8435 and potentially 0.8450.
Conclusion
EUR/GBP remains bearish overall, but short-term oversold conditions could trigger a bounce. Watch the 0.8420 level closely—rejection favours downside continuation, while a breakout would signal a shift to a more bullish outlook.
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.