EUR/GBP: euro looks stronger

EUR/GBP: euro looks stronger

Trade idea

BUY 0.8740; TP 0.8780; SL 0.8720

The euro is steadily strengthening versus the British pound. A week ago EUR/GBP formed a "bullish engulfing" pattern as it rebounded from nearly 2019 lows. Yesterday it closed above 100-day MA and 38.2% Fibo retracement of this year’s decline.

The euro is up on the news that the US would delay its decision about imposing tariffs on EU cars, while the pound is pressured by a continued impasse in Brexit talks between the UK’s major political parties.

It seems that EUR/GBP has finally broken out of the range within which it was trading in March and April. Support will now be in the 0.8710/0.8690 area. The way up implies an advance to 0.8785 (50% Fibo and the 200-day MA nearby). In the absence of overly negative news from the euro area, an advance to 0.8860 (61.8% Fibo) will also be possible.   

eurgbp.png

Similar

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera