EUR/GBP: breaking bottoms

EUR/GBP: breaking bottoms

2020-11-13 • Updated

Let’s have a detailed technical look at EUR/GBP from a strategic point of view.

Since the beginning of the year, EUR has been gaining value against the GBP. When the virus came, in March, it was pushed out of balance but in the next month it was already back to the same upward trajectory. That, by the way, confirms once again that individual events only have a temporary impact on the market: it is the long-term processes and systematic events that drive currencies. In September, things changed. The currency pair reached the tactical highs above 0.92 and started falling. Since then, it has never stopped.

Currently, it trades below 0.90. The fact that the pair crossed this support downwards confirms the understanding of the market as predominantly bearish now. Although it already managed to make an upward retrace after dropping to 0.89, there is little doubt that it will continue falling. For this scenario, o.8870 is the regional bottom – it saw the price bounce upwards twice before. Will it happen again? Possibly, but a lot of things depend on the outcomes of Brexit – they are due in weeks, if not days. If the trend stays, 0.87 will be the next target for bears. So let’s watch how Brexit evolves and mark the checkpoints.

12312321312312321367857869589678.png

                                                                                                    LOG IN

Similar

Trade ideas for March 28 - April 1
Trade ideas for March 28 - April 1

Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!

Gold Holding Well Above 1775
Gold Holding Well Above 1775

Gold Daily Chart Throughout last week’s trading, gold traded within a tight range, but it also managed to hold well above its 1775 support area until the end of the week, while the technical indicators has improved over the past few days, including…

Latest news

UK: No Longer a Leading Economy
UK: No Longer a Leading Economy

The current situation is terrible, and the future is worse for the United Kingdom. Will the British pound withstand the challenges that await the UK economy, or will it collapse?

Deposit with your local payment systems

Be on top of your game

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

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