EURGBP dip buys at the bottom test of the short term bullish structure

24 August 2021 | Updated: 24 August 2021

Key Support: 0.8545
Key Resistance: 0.8590

The EURGBP rejected the top of the immediate bullish structure and dropped -0.60% to retest the previous broken highs (Jul 27- Aug 2 highs).

This market is trading inside a very structured bullish move creating bullish divergence since the rally from last week’s lows every time it dips higher. This is a flag for bullish continuation should the tested broken highs hold as support.

Not only that but we have a fibonacci cluster at this level with price dipping 38.2% of last week’s range and 61.8% of the last wave up. Also hitting short term bearish targets at the 161.8% of the last leg up (0.8564-0.8594).

All of this combined makes it for a high probability setup to buy into these past day’s weakness.

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EUR/GBP Swing Higher In Play!

19 August 2021 | Updated: 19 August 2021

EUR/GBP increases at the moment of writing signaling strong buyers and a potential upside continuation. In the short term, it has decreased a little trying to attract more buyers before jumping higher.

The Euro has received a helping hand from the Euro-zone Current Account. The economic indicator was reported at 21.3B versus 12.3B expected and compared to 13.9B in the previous reporting period.

EUR/GBP Technical Analysis!

EUR/GBP is bullish despite its temporary declines. It has confirmed the ascending pitchfork after registering a false breakdown below the lower median line (LML). Failing to come back to test and retest the LML signaled a broader upwards movement.

Technically, the ascending pitchfork’s median line (ML) is seen as an upside target, a major obstacle. We cannot exclude a minor decline after the current rally. EUR/GBP has escaped from the minor flag, so it could come back to test and retest the broken levels before resuming its growth.

Conclusion!

EURGBP is somehow expected to increase in the coming period after confirming the ascending pitchfork and after failing to come back to retest the lower median line (LML). A new higher high indicates strong buyers.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

EUR/GBP Breakout Seems Confirmed!

9 July 2021 | Updated: 9 July 2021

EUR/GBP dropped a little in the H1 chart at the time of writing trying to retest the support levels (resistance has turned into support). The bias is bullish in the short term after breaking above the downtrend line.

The pair is somehow expected to increase after some poor UK data reported today. The GDP increased only by 0.8%, versus the 1.5% estimate, the Industrial Production registered a 0.8% growth, below 1.3% expected, while the Manufacturing Production dropped by 0.1%, even if the specialists expected to see a 0.9% growth.

EUR/GBP H1 Technical Analysis!

EUR/GBP is testing and retesting the broken downtrend line, the Falling Wedge’s resistance. It’s located above the weekly pivot point (0.8584) level. Staying above these levels could bring a new upside momentum.

Still, we need confirmation before going long again. Technically, a new higher high could really activate a potential growth towards the 0.8615 static resistance.

Conclusion! 

The current decline could be only temporary. EUR/GBP has come back down to test and retest the broken downtrend line. Jumping and closing above 0.8596 today’s high could bring a long opportunity.

 

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Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

EUR/GBP Upside Invalidated!

19 May 2021 | Updated: 19 May 2021

EUR/GBP is trading in the green at the moment of writing but it could turn to the downside again after retesting the weekly pivot point. The Pound could take the lead again soon as the currency remains strong.

The United Kingdom inflation data have come in line with expectations earlier. The CPI increased by 1.5% in April as expected beating 0.7% growth in March, while the Core CPI increased by 1.3% matching expectations. The UK HPI and PPI Input have come in better than expected, so the Pound could resume its appreciation.

EUR/GBP H4 Chart Technical Analysis!

EUR/GBP is traded at 0.8619 below the weekly pivot (0.8621) level. It has registered only false breakouts above the pivot point, so the pair could start decreasing again.

Another false breakout or rejection may signal that the bulls are exhausted and that the bears will take full control. Technically, EUR/GBP has found support below the lower median line (lml) of the ascending pitchfork.

A valid breakdown below the lower median line (lml) will really confirm a deeper decline. I believe that only a valid breakout above the weekly pivot (0.8621) could invalidate the bearish scenario.

Conclusion!

Another false breakout above the weekly pivot followed by a new lower low, drop below 0.8609 could signal a potential drop below the lower median line (lml). Dropping and stabilizing under the lower median line may announce a strong sell-off.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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EUR/GBP Remains Rangebound Ahead of Event-Filled Week

15 March 2021 | Updated: 15 March 2021

The EUR/GBP maintained a sideways bias into today’s trading session despite several supporting fundamental factors on both sides.

The UK press announced over the weekend that the UK might be able to offer every adult in the country the first vaccination by June 10, several weeks earlier than the government’s target.

Meanwhile, the governor of the Bank of England, Andrew Bailey, made an unexpected speech close to the BoE rate decision. The governor had an upbeat tone as regards the prospects for the UK economy and downplayed worries that inflation could rise beyond the bank’s 2% cap.

In other news, the European Central Bank’s (ECB) recently released weekly asset purchase data illustrated that, net-net, the bank’s assets purchases increased to €14 billion from €12 billion from last week.

The ECB noted last week that it would increase the pace of its purchases drastically over the coming quarter, with some economic commentators suggesting that the monthly purchases could spike to €100 billion from €60 billion in February.

EURGBP – 4-Hour Chart

EUR/GBP Traders to Take Market Clues from Thursday’s Events
Today’s purchase numbers were disappointingly low, to say the least. However, ECB President Christine Lagarde warned about the possibility of such an outcome in last week’s press conference.

That said, the focus has shifted to next week’s data, as market participants anticipate a net purchase of at least €20 billion.

Moving on, this week’s EUR price dynamics will likely get influenced by the barrage of comments from several key ECB officials on Thursday, while GBP traders will take clues from the BoE’s rate decision on Thursday as well.

 

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EURGBP Double Bottoms

11 March 2021 | Updated: 11 March 2021

Key Support: 0.8555
Key Resistance: 0.8600 – 0.8675

Long Term View
The EURGBP has been in a really strong bearish market since it broke with the 0.8870 level of support. This level held as support for 250 days.

Rigot now we are retesting the next key level at the 0.8550

2H Chart Analysis
Last Wednesday bears took price down to retest this level after being in control for over a month on a 380 pip bearish ride from the 0.8850  breakout.

Here´s where buyers were placed and price rallied 190 pips. It then  came down to retest it again right before a pop of about 20 pips. This double bottom is our buy opportunity with good risk t reward.

We are seeing also strong bullish divergence printed.

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The Pound is down against all majors

5 March 2021 | Updated: 5 March 2021

Key support: 0.8593
Key Resistance: 0.8720 – 0.8535

Long Term View
Since the highs in December the Pound has rallied 7.5% against the Euro (-7.50% move in the EUR/GBP) and last week it rejected the 0.8550 level which is a massive area of resistance turned support from May 2020.

1H Chart Analysis
Price is trading inside of a falling wedge below the weekly pivot and this 1H candle has engulfed the last 6 1H candles in a very bullish move breaking with the wedge.

The Pound is falling against all major currencies (GBP/USD -0.55%). This dip in the Pound has created a bullish move in the EUR/GBP for a possible retest of the weekly highs.

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EURGBP bounces from multi year lows

24 February 2021 | Updated: 24 February 2021

Key Support: 0.8549
Key Resistance: 0.8640

Long Term View
The EURGBP has moved down 8.25% from the September 9th 2020 highs ia a very choppy way. This market lacks structure but key levels are very well respected.

1H Chart Analysis
The EUR/GBP rejected a multiyear level of support (0.8550) which gave us a buy setup on high probability trade.
There were talks about lifting restriction in the U.K. earlier today which pushed the Pound up and in the case of the EUR/GBP this bullish momentum in the Pound push this pair down almost 3/4 of a percent! BIG move earlier today.

This move clearly rejected our key level around the 0.8550 and we decided to jump in long at the first pullback.

We are still inside of a very strong mid term bearish structure but even high impact data appreciating the GBP is not strong enough to break this multi year level.

We are long and managing our buy position very aggressively because we are trading a mean reversal on a market that clearly bears have under control.

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