Technical Analysis

EUR/GBP Technical Evaluation: Downtrend in Focus after ECB Outlook

EUR/GBP Technical Evaluation

ECB added gasoline to EUR/GBP’s dominant downtrend

Main help areas appear to be missing till zero.8337

One other momentary retest of resistance could also be forward

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EUR/GBP is on the verge of solidifying dominant downtrend resumption after the ECB. On the weekly chart beneath, costs are lower than 24 hours away – on the time of this writing – from confirming a second shut underneath April 2018 lows. Other than a descending vary going again to late 2017 (pink parallel strains beneath), there doesn’t look like vital help areas till the pair reaches 2016/2017 lows between zero.8300 and zero.8337. For extra instant updates in EUR/GBP, it’s possible you’ll observe me on Twitter right here @ddubrovskyFX.

EUR/GBP Weekly Chart

EUR/GBP Technical Analysis: Downtrend in Focus after ECB Outlook

The EUR/GBP each day chart reveals that costs retested April 2018 lows after the preliminary descent by zero.8620 as anticipated. Nevertheless, this space became new resistance after the pair was unable to get well losses. Since then, a brand new descending resistance line seems to have shaped going again to February 19. In the meantime, a brand new space of help appears to be taking form and it might show to be difficult to interrupt, pausing and even reversing progress the British Pound made in opposition to the Euro.

EUR/GBP Each day Chart

EUR/GBP Technical Analysis: Downtrend in Focus after ECB Outlook

This may be seen with larger readability on the Four-hour chart beneath as a variety between zero.8528 and zero.8539. Right here, you may as well get a better have a look at the descending development line from February. Word that constructive RSI divergence reveals fading draw back momentum as help is being examined. This may occasionally precede a flip increased to April 2018 lows within the interim. However far more progress is required to the upside to finish the downtrend. In the meantime, closing underneath zero.8528 opens the door to reaching 2016/2017 help ranges.

EUR/GBP Four-Hour Chart

EUR/GBP Technical Analysis: Downtrend in Focus after ECB Outlook

**Charts created in TradingView

FX Buying and selling Sources

— Written by Daniel Dubrovsky, Junior Foreign money Analyst for DailyFX.com

To contact Daniel, use the feedback part beneath or @ddubrovskyFX on Twitter


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