EUR/GBP - What a great pair to trade!

Due to euro's weakness, the EUR/GBP has lost ground of over 50 pips in the US session, eyes on psychological level 0.7000.

A bit of fundumental analisys: analysts at Unicredit and Nordea believe the pound is on course to climb to 0.70 before the end of the year, as the weakening effect of the ECBs bond buying program, which is expected to continue until at least 2016, more than offsets uncertainty about Britains general election in May.

I'm going to sell during the day anyway.

It seems upward correction movement capped on 0.7200 level, any break below 0.7150 will probably put bear back in control.

Eur/Gbp is testing important support at 0.7170, any breakdown would target further downside support at 0.7135.

The BOE is doing a good job talking the pound down citing possible deflation and possible further reduction of interest rates

Eur/Gbp is testing next resistance at 0.7274.

Retesting the channel break

Eur/Gbp is currently trading above 0.7300 level, my target will be at 0.7400 if it breaks 0.7349 (February 18th low).

i think its going down...what will be the next support???

Maybe 0.7270 or so. Anything can happen in the short term, but it's in a long term (and well deserved) downtrend - there's no good reason to believe the Eurozone economy is going to outperform the UK economy, or to believe that the ECB is going to tighten policy before the BOE.

Maybe 0.7270 or so. Anything can happen in the short term, but it's in a long term (and well deserved) downtrend - there's no good reason to believe the Eurozone economy is going to outperform the UK economy, or to believe that the ECB is going to tighten policy before the BOE.

Totally agree. Just the bad data from UK and unexpected good news from ECB are bringing the pair up. Its up to "when" the trend will start going down again. 0.74 looks like a strong resistant level , so after touching that level we probably will see 0.7013.
Another thing is that it will be too easy for everybody, if the trend is only going down ( I wish that was the case)Anyway its a huge correction on a weekly chart. Its a still a downtrend dont get confuse.My forecast is that we will see 0.705 until the end of the 3rd week of April.
Good luck to everyone!





Dont get confuse by the short term moves

Eur/Gbp is trading lower, key support levels can be found at 0.7220 level.

A closed 4hr break could see it fall

Hi Currently hold one short with PT around 0,7270/80 ,, planing to open second sell after break of the first Support line

Immediate support we could see at 0.7220 levels, if break this level we probably can see 0.7200 levels.

Poor data for Gbp this morning. We are playing with .7300 at the moment, obviously a significant level. after the daily up trend, breaking the daily down trend line, we retested the 38% retrace and broke yesterday's high, now retesting the same. I'm long off today's high, if we break it.

Chart:

I've gone short @ 0.734, i think it has more to go (like the continuation back to trend as support)

Hi N

I feel you are fighting the trend on this one. We have just had a breakout/poke above resistance according to Smikester's chart. Perhaps you can elaborate on your thinking with a chart so that we can see this trade through your eyes

I've gone short @0.734 a few hrs ago,

Yes N. You said that already. What you havent said is why.
Olu