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EUR / GBP technical badysis
- EUR / GBP continues its slow progression since the January bullish reversal
- A critical area of resistance is being tested. If broken, the uptrend can resume
- Meanwhile, short-term support has been strengthened. A fall can be short-lived
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EUR / GBP continues to make cautious progress on the rise as a result of a bullish candlestick pattern. This situation followed a surge over a decreasing resistance line since the beginning of January, which had since resulted in gains of about 2.11% at the time of writing this article. In the case of Brexit, stocks appeared to be the fundamental backdrop as the chances of a "no agreement" outcome increased., break down the pound sterling.
In the meantime, the EUR / GBP pair is in a horizontal resistance range of 0.88384 to 0.88108. This zone consists of the troughs reached in November 2018. It was then retested in mid-January. A closure above this zone can open the door to a rise at 0.89225, the lower limit of the next resistance zone.
Daily chart EUR / GBP
EUR / GBP chart over 4 hours
Looking at the 4-hour chart below, there is more reason to believe that, in the medium term, the EUR / GBP pair could be pushed higher. A growing range of support has been defined since the end of January. If prices fall in the short term, these rising trend lines could take a downturn that could become a rise again. If the pair falls through this zone, the next support barrier seems to be around 0.86983. You can follow me to @ddubrovskyFX for more timely updates in EUR / GBP.
**graphics created in TradingView
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— Written by Daniel Dubrovsky, Junior Forex Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
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