The EURGBP pair retreated on Tuesday following a strong bullish breakout at the beginning of the week.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• The EUR/GBP stepped back on Tuesday after a bullish breakout to kick off the week.

The pair currently trades last at 0.86169.

The previous day high was 0.8634 while the previous day low was 0.8599. The daily 38.2% Fib levels comes at 0.8621, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8612, expected to provide support.

The EUR/GBP took a dip on Tuesday after starting the week strong, and the pair is backing into the 0.8620 neighborhood after the week kicked off with a decisive bullish breakout that couldn’t maintain momentum.

It’s a hectic week for the Pound Sterling (GBP) on the economic calendar. Wednesday will see inflation figures with the Consumer Price Index (CPI) expected to show an uptick to 0.7% from the previous decline of -0.4% for the month of Aug.

The annualized CPI figure for August is also expected to ramp up, forecast to print at 7.1% versus the previous 6.8%.

The UK is broadly expected to suffer from the stickiest, most stubborn inflation of all the advanced economies, and the Bank of England (BoE) will have its work cut out for it as it tries to rope in inflation without cutting the knees out from under the UK’s economy.

The BoE is expected to raise its benchmark interest rate by another 25 basis points on Thursday, bringing the headline interest rate to 5.5%.

Friday will close out the week with a bang, with UK Retail Sales expected to show further increases, as well as Purchasing Manager Index (PMI) figures that are slated on the docket for both the EU and the UK.

The EUR/GBP kicked the week off with a bullish break of the descending trendline from July’s swing high of 0.8700, but momentum is proving a fickle beast ahead of a data-heavy back of the week.

The EUR hasn’t been able to maintain a firm hold of the pairing, despite the recent lift from August’s bottom near 0.8500, and the trendline break could work out to be temporary if GBP bulls find their feet heading into the back half of the week.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8618 at the time of writing. Pair opened at 0.8634 and is trading with a change of -0.19 % .

The pair is trading above its 20 Daily moving average @ 0.8577, above its 50 Daily moving average @ 0.8586 , above its 100 Daily moving average @ 0.8609 and below its 200 Daily moving average @ 0.8712

The previous day high was 0.8634 while the previous day low was 0.8599. The daily 38.2% Fib levels comes at 0.8621, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8612, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.861, 0.8586, 0.8574
• Pivot resistance is noted at 0.8646, 0.8658, 0.8682

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...