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Market Analysis: EUR/GBP Gains StrengthMarket Analysis: EUR/GBP Gains Strength EUR/GBP is rising and might climb above the 0.8620 resistance. Important Takeaways for EUR/GBP Analysis Today - EUR/GBP is gaining pace and trading above the 0.8500 zone. - There is a short-term contracting triangle forming with support near 0.8570 on the hourly chart at FXOpen. EUR/GBP Technical Analysis On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase from the 0.8415 zone. The Euro traded above the 0.8465 resistance level to enter a positive zone against the British Pound. The pair settled above the 50-hour simple moving average and 0.8515. The pair traded as high as 0.8618 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8416 swing low to the 0.8618 high. However, the pair is stable above 0.8550. There is also a short-term contracting triangle forming with support near 0.8570. The next major support is near the 50% Fib retracement level of the upward move from the 0.8416 swing low to the 0.8618 high at 0.8515. A downside break below the 0.8515 support might call for more downsides. In the stated case, the pair could drop toward the 0.8465 support level. Any more losses might call for an extended drop toward the 0.8415 pivot zone. The EUR/GBP chart suggests that the pair is facing resistance near the 0.8620 zone. A close above the 0.8620 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8650. Any more gains might send the pair toward the 0.8685 level. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
2
EURGBP Double Top at SupplyWe can see the preceding Rally to the Supply Zone. First Peak - has formed .8619. The volume was a High VSA candle ( Yellow). When a double top forms the intervening price action has progressively lower volume. As can be seen in this pair. Second Peak - is forming. It should form with lower volume. As it is here with an Average VSA candle (Green). This shows buyer exhaustion and the potential for sellers to take control and price to move down. It would be nice if this was associated with a liquidity run to trap buyers above .8620. On a break to the downside, particularly the Neckline , there is likely to be higher volume Yellow or Red as the smart money comes into play. Short term Bias is now Bearish, with a move to either the 200MA or further to the Demand Zone.
Short
by Umlingo
Eurgbp hello everyone its been 3 months almost for this pair going bearish... last week we see a big spike in price, breaking the resistance trendline.. price can test 200ma and then do correction as shown.. after correction price can continue making uptrend... however be aware the weekly rsi is still below 50 rsi.. so look for proper full back and breakout of structure and candle.. daily rsi spike above 50, so bullish momentum can stay strong this week.. for proper uptrend the 20,50ma need to cross 200ma... good luck .. trade safely
Long
by baigxy
EURGBP BULLISH REVERSAL EXPECTED SOON As we approach the end of the month a bullish reversal is expected on this currency as in the past week we have seen the lowest low weakening To produce an Equal low meaning the bears have exhausted the momentum on the downside and that the Bulls are stepping in and more buy orders are being injected we need to hit the nearest supply zone to produce enough liquidity to fuel the currency on a bearish trajectory expecting after the choch next week we might see a reversal and More bulls coming in and getting the price @0.84785, for now, am just going to take the 1st tp as await the next move. The next 2nd tp for aggressive traders would aim @0.84600 sl set your own preference
Long
by que
EUR/GBP Finds Support at 0.8400: Potential for a Bullish SetupAs anticipated, the EUR/GBP currency pair has found support around the 0.8400 level, aligning with our previous forecasts. This area has proven to be a strong demand zone, where buyers seem poised to initiate a retracement, potentially driving the price higher. Currently, the EUR/GBP pair remains within a consolidation phase. However, market sentiment indicates that buyers are preparing to step in, suggesting a possible upward movement. The current market conditions also coincide with a seasonal trend, historically known to favor an increase in EUR/GBP value over the coming weeks. Our comprehensive analysis of supply and demand dynamics supports the outlook for a bullish retracement. We are particularly focused on identifying long position opportunities, as the demand area around 0.8400 demonstrates significant support for the pair. Traders should watch for confirming signals of a breakout from the consolidation phase, which could mark the beginning of a sustained upward trend. In conclusion, the EUR/GBP is showing promising signs of a rebound from its current support level. With the convergence of technical analysis and seasonal factors, we are optimistic about the potential for a bullish retracement. Monitoring the pair closely for entry points in long positions could yield favorable trading opportunities in the near future. ✅ Please share your thoughts about EUR/GBP in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
Long
by FOREXN1
3
EURGBP ProjectionOn the LTF we have a confirmed break of Market Structure. The impulsive Rally of the last trading day has seen price break 1.8500 and establish a higher high. Looking next week for this pair to consolidate between .8480 - .8520, before a move up to the Supply Zone at .8640. This should be confirmed with RSI moving out of the OB zone and into lower levels (50-70) The HTF Market Structure is Bearish and intact. With this in mind, the move back to Supply would simply be a correction, before a larger move down in line with market structure.
by Umlingo
3