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Eurgbpforecast

EURGBP H1 LONG PRICE ACTION FORECASTBulls' rally of the Eur vs. the GBP, price action has encountered some resistance at the 200MA as expected. In case the uptrend momentum can continue its bullish bias, a buy-stop entry is placed above the SMA, which is working as a dynamic resistance onto the price action. A second buy entry (as limit) can work right at the support line form the uprising channel. However, in my experience, the 200 MA is usually a strong level, which is better to consider before entering the market. I'd rather wait for the uptrend continuation after the breakout from the 200MA Setup for: S/L: 20 pips - R:R | 1:2 - T/P aiming to next resistance as a red dashed line.
Long
by OGFXTRADER
1
Which way for EUR/GBP - can it break the channel?Since early April EUR/GBP has been stuck in a 200 pip channel. Currently price is pushing the upper line of the channel and this week we saw WR1 pivot taken out and price reaching WR2. RSI readings on all time frames are over 60 other than D1 (58) and M15 is reading 70. The Daily R1 pivot is at .8873 which is 10 pips from where we are now. GBP is generally BEARISH but EUR is drifting sideways rather than pushing higher. Difficult to call the direction on where we might be headed next. German Prelim. GDP hit target so no clues there. So far the channal is holding but I suspect we could be headed lower from these levels for a retest of the bottom channel. I'm looking for SHORT trades only as there seems little mileage in LONG trades. A shift in sentiment favouring the GBP could see a nice SHORT trade - lets wait and see.
Short
by theforexportal
EUR/GBP in a flag - which way will it break? SHORT is my guessSince the end of March, EURGBP has been locked in a 180 pip range flag. We've just seen the top of this flag rejected and with WR1 pivot in this area it seems unlikely that we'll see price move higher any time soon. I'm in SHORt at the top of the flag at .8800 with a 20 pip STOP. We should see a move down to the bottom of the flag now at .8700 area. If this level is tested and fails then we could see a large move south as there's little support if price breaks .8660. One to watch.
Short
by theforexportal
EURGBP: Bullish Technicals and Fundamentals 4H (Apr. 21)X FORCE GLOBAL ANALYSIS: In this analysis, we explore the bullish probabilities of EUR/GBP based on the bullish evidence suggested by technicals and fundamentals. Technicals - We have seen a breakout from the bullish falling wedge pattern - After Elliott Triangle Wave (ABCDE) counts to Wave E, we formed a double bottom - The Relative Strength Index (RSI) shows higher lows, as a sign of trend strength - The Moving Average Convergence Divergence (MACD), despite not showing tremendous momentum, shows an uptrend Fundamentals - The United Kingdom runs a large current account deficit, which makes the pound vulnerable as capital flows faded at the height of the Corona Virus (Covid-19) driven risk sell-off - GBP remains fundamentally undervalued with a significant Brexit discount still attached - With the COVID-19, both the EU and the UK have been preoccupied with issues other than Brexit trade agreement talks; this increases the risk of a big negative UK trade shock in 2021 What We Believe We believe in a higher probability for a further bullish rally for EUR/GBP based on the bullish technicals and fundamentals Trade Safe.
Long
by XForceGlobal