Fundamental Analysis

EURGBP: Bearish Bias Stays Intact Regardless of Rebound

The Model New DailyFX Q12019 EURand GBP Forecasts arenow out there to obtain.

EURGBP Outlook Stays Destructive Beneath zero.8803

EURGBP touched a 20-month low final week – simply – earlier than bouncing again out of oversold territory. The chart set-up stays pointed to the draw back after the break decrease and additional losses can’t be counted out. On the longer-dated chart the following stage of assist seems at zero.8655, the damaged November swing-low earlier than a transfer decrease all the way in which right down to zero.8385 (Could 2017 swing-low), a pointy fall from present ranges.

On the upside the latest transfer greater has seen the hole on the January 23 candle practically crammed. The hole, between the Jan 23 low at zero.8760 and the January 24 excessive at zero.8725, must be crammed to permit the value to weaken additional. Above right here is the necessary 61.eight% Fibonacci retracement stage at zero.8803, which ought to present stiffer short-term resistance forward of the 20-day transferring common at zero.88170. If the pair break and shut above right here the destructive bias is erased, and we might look ahead to additional entry factors.

EURGBP Every day Worth Chart (March 2018 – January 30, 2018)

EURGBP: Bearish Bias Remains Intact Despite Rebound

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What’s your view on EURGBP – bullish or bearish?? You possibly can tell us through the shape on the finish of this piece or you possibly can contact the writer at nicholas.cawley@ig.comor through Twitter @nickcawley1.

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