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British Pound / Euro

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GBPEUR trade ideas

EURGBP has reaffirmed support since last weekLast week EURGBP was the top euro cross gainer after it rose more than 1.80%. As protracted buying triggered a break of 100MA. Overnight the euro cross settles above 100MA confirming sustained upside sentiment. On the upside, despite recent 2.00% rally, we focus on the parallel resistance zone 0.8940-0.8970. A break above the higher end of the resistance zone may pave the way for further higher to 0.9000 and 0.9030. The flip side, support finds at 0.8860, 0.8820 and 0.8770. We recommend caution if the price could not push-and hold -above 0.8940 over the next day or two. Traders may need to focus on UK politics before chasing a move in EURGBP. Besides a weekly close above 0.8970 needed to forecast 0.9100/0.9140, moreover, the pickup of the weekly RSI and oscillator underlines the threat of further upside risk.
by KeytoMarkets
Downward pressure on EURGBPGBP spikes again on the latest positive Brexit headlines. EUR’s chief negotiator Barnier said agreement possible early November. UK macroeconomic news support GBP. The GDP MoM growth rate was 0.3% in May 2018, 0.1% in June and 0.3% in July. Today’s UK employment data is likely to provide a larger clue for EURGBP. The cross EURGBP has hit a fresh 2018 high in end of the August led by no-Brexit pricing but rejected at the 61.8 fib reaction of 0.9598-0.8300. Turning to the technical picture, the daily studies RSI is below 50.00, and the oscillator is remaining bearish. Moreover, the cross has lost both its 20 and 50MAs and currently trading tad above 100EA. The crucial, pivotal level, which will act as crucial support, is placed at 0.8890. Below here, the focus will move down to 0.8860 its 50.0% fib reaction, followed by 0.8850 it’s 20MA (Weekly) and 0.8830 its 200MA. Fresh catalyst (Today’s UK employment data and ECB meeting, Thu) needed to forecast further retracement to 0.8800 and 0.8730. The shift in the 4hr chart indicates rallies to resistance at 0.8940/0.8960, 0.9000 and 0.9030 should attract selling interest.
Short
by KeytoMarkets
EURGBP: Developing bullish ABC structureThe GBP crosses were outperformed across the board, but the cable closed with marginal losses. On Tuesday, EURGBP falling briefly below 0.8900 levels but manage to hold the 20MA and closed at 0.9000 levels. Ahead of the today’s macroeconomic data risk, now, the support for the EURGBP will now come in between 0.9000- 0.8990 while bulls only regain strength only above 0.9035 targets at 0.9060 and 0.9080. A break of 0.9100 level would be needed to initiate a stronger recovery to 0.9140 its 61.8% fib reaction. Note that a drop below 0.8940 needed to forecast a serious trend change.
Long
by KeytoMarkets