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  • EUR/GBP Forecast – Euro Remains in Uptrend Above 0.8945 Vs British Pound

    EUR/GBP Forecast – Euro Remains in Uptrend Above 0.8945 Vs British Pound

    • – The Euro started a nice upside move after trading as low as 0.8900 against the British Pound.
    • – There is a key ascending channel in place with support at 0.8955 on the hourly chart of the EUR/GBP pair.
    • – Recently in the UK, the Rightmove House Price Index for August 2018 was released.
    • – The outcome was below the forecast of -1.2% as the Rightmove House Price Index declined 2.3% (MoM).

     

    UK’s Rightmove House Price Index

    Recently in the UK, the Rightmove House Price Index for August 2018 was released. The market was positioned for a decline of around 1.2% in the index in August 2018 compared with the previous month.

     

    The actual result was below the forecast of -1.2% as the Rightmove House Price Index declined 2.3%.  Looking at the yearly change, there was a rise of 1.1% in August 2018, less than the last increase of 1.4%.

     

    The EUR/GBP pair is currently placed nicely above the 0.8940-50 support area and it could continue to move higher in the short term.

     

    EUR/GBP Technical Analysis

    The Euro consolidated near the 0.8900 level for some time and formed a base for an upside move against the British Pound. The EUR/GBP pair started an upside move and broke the 0.8920 and 0.8940 resistance levels to settle above the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    The pair even broke the 0.8960 level and traded as high as 0.8977. Later, there was a downside correction below the 0.8970 level. The pair is currently testing the 23.6% Fib retracement level of the last wave from the 0.8933 low to 0.8977 high.

     

    On the downside, there are several supports near the 0.8950 level. There is also a key ascending channel in place with support at 0.8955 on the hourly chart of the EUR/GBP pair. The channel support is close to the 50% Fib retracement level of the last wave from the 0.8933 low to 0.8977 high.

     

    Therefore, if the pair corrects lower further towards the 0.8950 and 0.8945 levels, it is likely to find supports. On the upside, the pair has to break the 0.8975-80 zone for more gains above the 0.9000 level in the near term.

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  • EUR/GBP Forecast – Euro To Decline Further Vs British Pound?

    EUR/GBP Forecast – Euro To Decline Further Vs British Pound?

    • – The Euro is under a lot of pressure and it could decline below 0.8740 against the British Pound.
    • – There is a key bearish trend line forming with current resistance at 0.8765 on the hourly chart of the EUR/GBP pair.
    • – Recently in the Euro Zone, the Consumer Confidence (Prelim) for March 2018 was released by the European Commission.
    • – The outcome was above the forecast of 0.0 as the Consumer Confidence came in at 0.1 in March 2018.

     

    Euro Zone Consumer Confidence

    Recently in the Euro Zone, the Consumer Confidence (Prelim) for March 2018 was released by the European Commission. The market was positioned for a decline from the last reading of 0.1 to 0.0 in March 2018 (Prelim).

     

    The actual result was above the forecast of 0.0 as the Consumer Confidence came in at 0.1 in March 2018.  However, the reading of 0.1 was not impressive since there was no rise from the last reading.

     

    It seems like EUR/GBP pair is at a risk of more declines and it could even break the 0.8740 support level in the near term.

     

    EUR/GBP Technical Analysis

    The Euro started a major downside move from well above the 0.8850 level against the British Pound. The EUR/GBP pair traded lower and broke many support levels such as 0.8800 and 0.8780 to settle below the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    The pair recently traded as low as 0.8744 and is currently consolidating losses. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the 0.8798 high to 0.8744 low.

     

    There is also a key bearish trend line forming with current resistance at 0.8765 on the hourly chart of the EUR/GBP pair. The trend line resistance is near the 50% Fib retracement level of the last decline from the 0.8798 high to 0.8744 low.

     

    Therefore, if the pair corrects higher from the current levels, it could face a strong selling interest near the 0.8765-70 levels. On the downside, the recent low near 0.8740 is a short term support. A break below 0.8740 could push the pair towards the next support at 0.8700.

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  • EUR/GBP Forecast – Euro Recoveries to Remain Capped Vs British Pound

    EUR/GBP Forecast – Euro Recoveries to Remain Capped Vs British Pound

    • – The Euro failed to move above 0.8920 and started declining against the British Pound.
    • – There is a major contracting triangle forming with current resistance at 0.8880 on the hourly chart of the EUR/GBP pair.
    • – Recently in the Euro Area, the German Factory orders for Nov 2017 was released by the Deutsche Bundesbank.
    • – The outcome was below the forecast of +0.8% as there was a decline in the index by 0.4%.

     

    German Factory Orders

    Recently in the Euro Area, the German Factory orders for Nov 2017 was released by the Deutsche Bundesbank. The market was positioned for a rise of 0.8% in the orders in Nov 2017 compared with the previous month.

     

    The actual result was below the forecast of +0.8% as there was a decline in the index by 0.4%. Looking at the domestic orders, there was a decline of 0.4%, but the foreign orders fell by 0.5% compared with the previous month.

     

    Overall, the EUR/GBP pair may not recover in the short term, and it could test the 0.8850 support area in the near term.

     

    EUR/GBP Technical Analysis

    The Euro made a decent ground from the 0.8850 low and traded above 0.8900 against the British Pound. The EUR/GBP pair traded as high as 0.0.8923 where it faced sell offers. Later, the pair started a downside move and traded below the 0.8900 support plus the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    More importantly, there was a break below the 50% Fib retracement level of the last wave from the 0.8847 low to 0.8923 high. At the moment, it seems like there is a major contracting triangle forming with current resistance at 0.8880 on the hourly chart.

     

    The pair is currently struggling and is below the 61.8% Fib retracement level of the last wave from the 0.8847 low to 0.8923 high. Therefore, there are chances of a downside move back towards the 0.8850 swing low in the near term.

     

    Should there be a short term correction toward 0.8870 and 0.8880, the pair could face selling interest. Only a close above 0.8880 and the 100 hourly SMA could reduce the current bearish pressure on EUR/GBP.

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