EURGBP faces dual resistance challengesEURGBP currently encounters two resistance levels : one from the downtrend and another from a sideway pattern. We're closely monitoring this pair, and if it manages to break through both of these resistances, it could potentially make a strong upward move towards the next resistance levels at 0.8850, 0.8920, and 0.8950.
Moreover, if it respects these resistance levels and shows signs of weakness, we may consider a short position with targets set at 0.8520, 0.8430, and 0.8350 .
EURGBP
EURGBP: Top-Down Analysis 🇪🇺🇬🇧
EURGBP is trading within a wide horizontal range on a daily.
Its upper boundary was reached last week.
Analyzing the reaction of the price to that, we can spot a narrow horizontal range
on an hourly time frame.
Its support has just been broken - it is an important sign of strength of the sellers.
I anticipate a further decline now to 0.8666 / 0.865
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Strifor || EURUSD-09/25/2023Preferred direction: SELL
Comment: Friday's targets remain in effect, thus a further fall to 1.06147 is expected. At this level, there are volumes of buyers that will be closed when local minimums are updated. Therefore, we can assume a downward impulse after achieving today's target. In this case, the second target will be located near the level of 1.05700.
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EURGBP To Parity and beyond#EURGBP peaked during the #GFC @ 0.98
I expect during these coming few years and possibly next financial crisis this to be run.
What does this suggest severe weakness in the UK economy
Or the ability and the magnitude of easing to come from the BOE to dwarf the ECB's response
either way trade with the prevailing trend would be my take
#HVF
@TheMarketSniper @TheCryptoSniper
EurGbp could rise above 0.88In the past 3 months, EurGbp has traded in a range between 0.85 zone and 0.8650
Last week, however, the pair managed to break above resistance an after a long time of consolidation we could expect continuation.
In this case, the next important level of resistance is above 0.88
The bullish scenario is valid as long as the pair stays above old resistance, now support
EURGBP Potential UpsidesHey Traders, in tomorrow's trading session we are monitoring EURGBP for a buying opportunity around 0.86600 zone, EURGBP is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 0.86600 support and resistance area.
Trade safe, Joe.
EUR/GBP:UK Retail Sales Show Mixed Performance in AugustUK Retail Sales Show Mixed Performance in August
In the ever-fluctuating world of economics, retail sales are a vital barometer of consumer sentiment and overall economic health. The latest data for UK Retail Sales in August paints a nuanced picture of the country's economic recovery.
In August, UK Retail Sales rose by 0.4% on a monthly basis, indicating a modest increase in consumer spending. However, on an annualized basis, there was a contraction of 1.4%. This means that while there was a slight improvement in retail activity compared to the previous month, it still lags behind the performance seen in the same period the previous year.
Economists had predicted a monthly increase of 0.5%, which suggests that the actual figure fell slightly short of expectations. Additionally, the annualized contraction of 1.4% was more pronounced than the anticipated 1.2% decrease.
To provide context, it's worth looking at the performance of UK Retail Sales in July. In that month, retail sales experienced a significant decline, dropping by 1.1% on a monthly basis and contracting by 3.1% on an annualized basis. This marked a substantial setback in consumer spending.
Core Retail Sales Offer a Mixed Bag
When we delve into the core retail sales figures, which exclude the more volatile automobile sales, we find a somewhat mixed performance for August. Core Retail Sales increased by 0.6% on a monthly basis, indicating some resilience in consumer spending. However, on an annualized basis, there was a decline of 1.4%, which suggests a lingering economic challenge.
Economists had predicted a monthly rise of 0.6% and an annualized contraction of 1.3%. The actual figures closely aligned with these expectations, highlighting the predictability of core retail sales compared to the broader retail sector.
To put this into perspective, in July, Core Retail Sales showed a sharper decline, dropping by 1.4% on a monthly basis and 3.3% on an annualized basis. This reinforces the idea that core retail sales have been somewhat steadier in the face of economic uncertainties.
Looking Ahead: Preliminary PMI and Forex Trends
As we look ahead, it's essential to consider the impact of economic indicators and forecasts on currency markets, particularly the EUR/GBP currency pair. The preliminary UK S&P Global/CIPS Manufacturing PMI for May is anticipated to be at 43.0, indicating potential challenges in the manufacturing sector. The Services PMI is forecasted at 49.2, suggesting a cautiously optimistic outlook for the service industry. The Composite PMI, expected at 48.7, reflects a delicate balance between the two sectors.
Forex traders are closely monitoring these figures, as they can influence currency movements. However, it's important to remember that economic data can sometimes defy expectations, leading to market volatility.
For the EUR/GBP currency pair, there's a cautious bearish sentiment as it approaches a significant horizontal resistance area between 0.87500 and 0.87800. A potential rebound in this region could be accompanied by a pullback in the prevailing bearish trend. This scenario might see the price testing support levels at 0.8675 and 0.85200.
In the complex world of forex trading, staying informed about economic data and understanding market sentiment is key to making informed decisions. The UK Retail Sales data and the upcoming PMI figures provide valuable insights for traders seeking to navigate the ever-evolving forex landscape.
EUR/GBP Daily chart.
EURGBP - Price can make retest support level and continue riseHi guys, this is my overview for EURGBP, feel free to check it and write your feedback in comments👊
When price bounced from $0.8555 support level, which coincided with support area, it rose a little higher, but soon fell below.
After this movement, British Pound made strong upward impulse to next support level, breaking $0.8555 level and entering to falling channel.
Inside channel price a few time later fell below $0.8555 level to support line, but then it bounced up to resistance line.
Also recently, British Pound exited from falling channel and soon rose higher than $0.8675 level, breaking it.
At the moment price trades in resistance area and I think British Pound can make retest of support level.
Then price can bounce from this level and continue to move up to $0.8750
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EUR/GBP LONG IDEAIt’s currently Thursday and price delivered a huge move up which is displacement after CPI news release, my expectations on the next upcoming week is to see price slowly approach the 4h +OB, this is a high probability trade since the daily is bullish and now the 4h has turned bullish once again after some consolidation (liquidity) that has occurred previously. OVERALL: daily bullish, 4h bullish, LQ swept, Displacement during CPI event, next up we wait for trade entry, PEACE✌️.
EURGBP WEEKLY DOUBLE BOTTOM ? Very BULLISHHello traders ,
today i took a look at EURGBP the pair looks very very bearish to me. here our your clues
Weekly TF
Double bottom on key level formed
Broken bearish trendline
Broken neckline with strong bullish candle.
i believe the trend has reversed the pair is bullish now you should be looking for buying opportunities.
EURGBP: Bearish Continuation & Short Signal
EURGBP
- Classic bearish pattern
- Our team expects retracement
SUGGESTED TRADE:
Swing Trade
Sell EURGBP
Entry - 0.8687
Stop - 0.8724
Take - 0.8612
Our Risk - 1%
Start protection of your profits from lower levels
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EURGBP: Approaching the 1D MA200. Strong Resistance Band.EURGBP is on a strongly bullish 1D technical outlook (RSI = 67.813, MACD = 0.002, ADX = 32.512) as it is rising on HL since the 0.84950 bottom. The 1D MA50 has been turned into Support but the price is now approaching the first important Resistance levels for the long term, R1 (0.87025) and more importantly the 1D MA200. If it achieves a candle close above, we will go long and target R2 and the 0.786 Fibonacci level (TP = 0.88750). If rejected on the 1D MA200, we will go short and target the 1D MA50 - HL zone (TP = 0.86200).
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EURGBP H4 | Bearish reversal off 61.8% fibo?Price is hovering at a key resistance level, which is our sell entry at 0.8694, slightly below the 61.8% fibo projection. Our stop loss is at 0.8728, which is an overlap resistance level. Take profit is at 0.8664, which is an overlap support level, aligning with the 23.6% fibo retracement.
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