EURGBP - Short from bearish order block ✅Hello traders!
‼️ This is my perspective on EURGBP.
Technical analysis: Here we are in a strong bearish market structure, so I am looking only for shorts. I want to see price to continue the retracement and then to reject from bearish order block + institutional big figure 0.86000.
Fundamental analysis: Tomorrow week we have news on GBP, will be released yearly CPI and on Thursday Interest Rate. Pay attention to the results in order to validate the analysis, as these news are one of the most important. If the results are positive for GBP, it will support our analysis.
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Eurgbpanalysis
EURGBP Expectations: UK Inflation and BoE's Decision this WeekOn Monday, the pound reached its highest level against the euro in 10 months, at 85.25 pence, as investors await the British inflation data and the upcoming Bank of England decision. However, the currency pair quickly rebounded to the support level of the previous week, at 85.42 pence, but is perhaps now tracking down again.
In recent weeks, the sterling has experienced a rallied against the EUR and USD (particularly against the USD, marking its largest weekly gain since December 2022). This surge can be attributed to economic data suggesting that inflation in Britain is more persistent compared to the United States and Europe. As a result, traders have started factoring in more interest rate hikes from the Bank of England, leading to increased yields on British government bonds and bolstering the pound. Additionally, investors' expectations have been heightened by recent data showing a faster-than-anticipated growth in British wages.
Currently, the pound is down 0.26% against the dollar, trading at $1.278. However, it remains close to the 14-month high of $1.285 reached on Friday.
British inflation data is scheduled to be released on Wednesday. Economists predict that the headline Consumer Price Index will have slightly cooled to 8.5% year-on-year, down from 8.7% in April. However, they anticipate that the core CPI, which excludes volatile food and energy costs, will remain steady at 6.8%. If these figures align with expectations, the pound could strengthen further due to the anticipation of additional interest rate increases by the Bank of England. Nevertheless, any unexpected results could introduce volatility into the market, and perhaps validate the recent rebound in the EUR.
On Thursday, the Bank of England will announce its decision on interest rates, with investors and economists expecting a 25 basis point hike to 4.75%. There is little uncertainty surrounding this decision, so traders will closely examine the bank's forward guidance. Indications of future interest rate hikes are likely to bolster the GBP.
EURGBP Set to Rise Next WeekBased on the analysis of several indicators, it appears that FX:EURGBP is likely to experience an upward trend starting from next week.
Signal Decomposition
In the weekly chart, the signal decomposition indicates that all frequencies are pointing towards an upward movement, suggesting that the Euro (EUR) will dominate the British Pound (GBP) in the coming days.
Divergence
Furthermore, in the H4 timeframe, a perfect divergence can be observed according to the divergence strategy. This divergence adds weight to the potential upward movement of EURGBP.
Elliott Wave
Applying the Elliott Wave method, it is believed that the current downside wave, identified as wave C, is reaching its conclusion. Wave C is composed of five smaller waves (1, 2, 3, 4, and 5), with these individual waves nearing their end. The subsequent wave, either wave A or wave B, which signifies a change in trend, has already formed. This suggests that the upcoming wave, whether it is wave C or a new set of five waves (1, 2, 3, 4, and 5), will likely be an upward wave. In the longer time frame, this upward wave is expected to rise by approximately 200 pips.
Please note that this analysis is based on the provided information and the Elliott Wave interpretation may vary depending on the specific wave count and structure.
EURGBP - Bearish price action ✅Hello traders!
‼️ This is my perspective on EURGBP.
Technical analysis: Here we are in a bearish market structure from 4H timeframe perspective, so I am looking for short position. I see price to continue bearish price action to fill the imbalance lower and then to make a new lower low.
Fundamental analysis: Tomorrow we have news on GBP, will be released monthly GDP, but on Thursday we will see the Interest Rate on EUR. Pay attention to the results of those news in order to validate the analysis.
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DeGRAM | EURGBP psychological levelEURGBP created a double top at the kill zone and psychological level at 0.86000.
Price is moving in the descending channel, and it pulled back to the level where it dropped from.
We anticipate a sell off and a bearish move since the trend is bearish.
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EurGbp could rise back to resistanceAfter Friday's break under the recent low, EurGbp reversed yesterday leaving a strong bullish engulfing on our daily chart exactly in 0.8550 zone support.
This bullish engulfing could be an indication that more gains are coming and the target for bulls could be 0.8720 resistance.
In the case of a new low, this outlook is negated.
EURGBP - FUNDAMENTAL AND TECHNICAL VIEW#EURGBP
- Currently the MARKET SENTIMENT for EURGBP is slightly on the UP SIDE. The main reason for that is the POSITIVE RISK SENTIMENT for EUR. Also, even if BOE RATE HIKE, we were not able to see BOE's intervention.
The reason for the positive sentiment in EUR is that the USD has been quite weak in recent weeks. But a good UP SIDE BIAS is coming for EUR now with the MARKET SENTIMENT. Due to this reason, all MARKETS including STOCKS can be seen to be UP due to MARKET RISK being ON. It affects the EUR in a big way. The ECB did a RATE HIKE. BOE also did a RATE HIKE last week.
- EURGBP can definitely go up to the SUPPORT LEVEL below. Due to USD WEAK, EUR may be quite STRONG. Accordingly, EURGBP can be slightly BUY until the 0.8680 LEVEL. And after that EURGBP can be SELL to 0.8500 LEVEL. The given STRUCTURES should be BREAKED for that...
EURGBP: Bearish Momentum Building, Potential Selling OpportunityThe EURGBP currency pair is showing signs of a bearish momentum shift, indicating a potential selling opportunity for traders. Currently trading at 0.8663, the pair has been facing resistance near the 0.8702 level, suggesting a possible downward movement.
Several technical indicators support this bearish outlook. The pair's recent price action has formed a series of lower highs, indicating a weakening upward trend. Additionally, the 50-day moving average has crossed below the 200-day moving average, signaling a potential shift in market sentiment towards the downside.
Traders may consider entering a short position if the price breaks below the immediate support level at 0.8663. A potential profit target could be set near the next support level at 0.8600, with a stop-loss ord er placed slightly above the recent resistance at 0.8702 to manage risk.
It is important to conduct thorough analysis and closely monitor market conditions before executing any trades. This idea should be considered as a suggestion and not as financial advice.
Potential swing trade short on EUR/GBP EUR/GBP has just suffered its worst month in ten, thanks to renewed bets of a more-hawkish BOE and soft inflation reports across Europe. Volumes increased during the recent leg lower to show fresh bearish bets being placed and the OBV (on balance volume) has also confirmed the move lower on prices.
Prices are consolidating near the cycle lows on the 1-hour chart within a potential bear-flag pattern, and the flag projects an approximate target near the December low / daily S2 pivot point. A weak inflation report for the Eurozone later today could help send prices directly low.
However, should prices instead recycle higher first (which seems plausible given the magnitude of the bearish move) then bears could look to fade into the daily pivot point ~0.8610 or the volume cluster around 0.825.
Given the strength of the downtrend, we’d view a retracement higher as an opportunity to increase the potential reward to risk ratio.
#EURGBP- LONG 600 PIPS SETUP!!!Dear Traders, We have good buying opportunity on EURGBP, expecting EUR to be over the long term view and expecting GBP to be bearish over the next couple of months. Price currently in accumulation phase and it will drop to our 'point of interest' before it moves up.
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Take care and much love!
DeGRAM | EURGBP continuation opportunityEURGBP broke and closed below the consolidation zone following a massive sell-off.
Price move is in the descending channel. The market is printing a potential AB=CD pattern.
We anticipate a retest of consolidation, then sell the market.
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EURGBP Long Term Selling Idea Hello Traders
In This Chart Forex ForecastEURGBP DAY By FOREX PLANET
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EURGBP: Could we see a new breakout? Today's focus: EURGBP
Pattern – Range/Descending Triangle
Possible targets – .8600
Support – .8670
Resistance – .8705
Today’s update, will we see the EURGBP make a new push lower, confirming its descending triangle pattern? Price broke the main trend setting up its first leg lower. From that point, we have seen a consolidation set-up with a bearish pattern in the mix. Descending triangle patterns are seen as bearish patterns if they are set up in a new decline. So far, we have the new decline, but we need to see if sellers can confirm the pattern with a breakout through .8670 support.
If today’s rally fails to fade and if we see a new rally through range resistance, this will be a worry and could be telling that the pattern could fail.
Let’s see over today and tomorrow if sellers can regain control and maybe set up a confirmation.
Thanks for stopping by. Good trading, and have a great day.
EURGBP - Buy idea for a 1:6 Risk to RewardEURGBP has been consolidating for 3 weeks. It has really strong support at 0.8560 to 0.8570.
There is a pattern to go long at the current price. With the strong consolidation, we can expect a big move upwards. The stop loss is very tight - just 30 pips below the strong support.
This is counter trend and looking for a reversal.
EURGBP - Short from bearish order block ✅Hello traders!
‼️ This is my perspective on EURGBP.
Technical analysis: Here we are bearish from daily perspective as we have huge imbalance lower that has to be filled. I expect price to make a retracement to fill firstly the imbalance higher and then to reject from 4H bearish order block + institutional big figure 0.88000.
Like, comment and subscribe to be in touch with my content!
EURGBP - FUNDAMENTAL AND TECHNICAL VIEW#EURGBP
- Currently the MARKET SENTIMENT for EURGBP is slightly on the UP SIDE. The main reason for that is the POSITIVE RISK SENTIMENT for EUR. Also, even if BOE RATE HIKE, we were not able to see BOE's intervention.
The reason for a POSITIVE SENTIMENT in EUR is that the USD has been quite WEAK in recent weeks. But a good UP SIDE BIAS is coming for EUR now with the MARKET SENTIMENT. Due to this reason, all MARKETS including STOCKS can be seen to be UP due to MARKET RISK being ON. It affects the EUR in a big way. The ECB did a RATE HIKE. BOE also did a RATE HIKE last week.
- EURGBP can definitely go up to the SUPPORT LEVEL below. Due to USD WEAK, EUR may be quite STRONG. Accordingly, EURGBP can be slightly BUY until the 0.8762 LEVEL. And after that EURGBP can SELL to 0.8600 LEVEL. The given STRUCTURES should be BREAKED for that...