Euro vs the British Pound - Who is Winning and Why?
by
Aayush Jindal
Traders are advised to keep a close watch on the highlighted support zone on the daily chart.
This article was written by Aayush Jindal, currency analyst at Titan FX.
The euro has surged higher versus the British pound during the past couple of weeks, and when I look at the charts I think there are more upsides left going forward.
In this article, we shall try to figure out why the euro may keep rising versus the pound with the help of the EUR/GBP pair daily chart.
EUR/GBP Technical Analysis and Euro Strength Explained
On 16th August the euro posted a new monthly high of 0.8725 versus the pound. The EUR/GBP pair has corrected since then, but the trend is still intact and in favor of the bulls. It has moved below the 23.6% Fib retracement level of the last leg from the 0.8177 low to 0.8725 high.
The main reason why I think the pair is in an uptrend is due to an ascending channel formed on the daily chart.
The highlighted pattern holds a lot of value for the euro bulls as it acted as a major support on many occasions earlier. So, it won’t be easy for sellers to break it and take the pair lower.
Moreover, the 50% Fib retracement level of the last leg from the 0.8177 low to 0.8725 high is also around the channel trend line area. So, we can say that there is a monster barrier formed on the downside at 0.8450.
If the pair corrects further lower from the current levels, then it may find buyers near the stated support level. Only a break below the channel trend line and a close might ignite a change in trend for the euro. If you are looking to buy EUR/GBP, then keep your stop tight below the channel support area.
The daily RSI is still above the 50 level, and approaching a support zone, which means there can be a bounce in EUR/GBP sooner or later.
Fundamentally, the UK recently saw a couple of economic releases like Consumer Credit by the Bank of England. The result was disappointing, and a couple of other similar outcomes may weigh on the GBP going forward.
In short, if you are planning to buy EUR/GBP, then keep a close watch on the highlighted support zone on the daily chart.
This article was written by Aayush Jindal, currency analyst at Titan FX.
The euro has surged higher versus the British pound during the past couple of weeks, and when I look at the charts I think there are more upsides left going forward.
In this article, we shall try to figure out why the euro may keep rising versus the pound with the help of the EUR/GBP pair daily chart.
EUR/GBP Technical Analysis and Euro Strength Explained
On 16th August the euro posted a new monthly high of 0.8725 versus the pound. The EUR/GBP pair has corrected since then, but the trend is still intact and in favor of the bulls. It has moved below the 23.6% Fib retracement level of the last leg from the 0.8177 low to 0.8725 high.
The main reason why I think the pair is in an uptrend is due to an ascending channel formed on the daily chart.
The highlighted pattern holds a lot of value for the euro bulls as it acted as a major support on many occasions earlier. So, it won’t be easy for sellers to break it and take the pair lower.
Moreover, the 50% Fib retracement level of the last leg from the 0.8177 low to 0.8725 high is also around the channel trend line area. So, we can say that there is a monster barrier formed on the downside at 0.8450.
If the pair corrects further lower from the current levels, then it may find buyers near the stated support level. Only a break below the channel trend line and a close might ignite a change in trend for the euro. If you are looking to buy EUR/GBP, then keep your stop tight below the channel support area.
The daily RSI is still above the 50 level, and approaching a support zone, which means there can be a bounce in EUR/GBP sooner or later.
Fundamentally, the UK recently saw a couple of economic releases like Consumer Credit by the Bank of England. The result was disappointing, and a couple of other similar outcomes may weigh on the GBP going forward.
In short, if you are planning to buy EUR/GBP, then keep a close watch on the highlighted support zone on the daily chart.
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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