EUR/GBP Currency Pair Forecast
Stronger technical forecast for EUR/GBP currency pair price after Tuesday trading.
(Updated on Jun 25, 2024)
The EUR/GBP currency pair price fell by -0.156% on the last day (Tuesday, 25th Jun 2024) from £0.85 to £0.84. During the last trading day the currency pair fluctuated 0.389% from a day low at £0.84 to a day high of £0.85. The price has risen in 8 of the last 10 days and is up by 0.17% over the past 2 weeks. Volume has increased on the last day by 112 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 133 thousand shares were bought and sold for approximately £112.40 thousand.
The currency pair is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect EUR/GBP currency pair with a 90% probability to be traded between £0.83 and £0.84 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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EURGBP Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 0.354%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The EUR/GBP currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £0.84 and £0.85. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). EUR/GBP gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for EUR/GBP currency pair
EUR/GBP finds support from accumulated volume at £0.84 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved £0.0033 between high and low, or 0.389%. For the last week the currency pair has had daily average volatility of 0.575%.
Our recommended stop-loss: £0.799 (-5.32%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 34 days ago.)
Trading Expectations (EURGBP) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect EUR/GBP to open at £0.84, and during the day (based on 14 day Average True Range), to move between £0.84 and £0.85, which gives a possible trading interval of +/-£0.0033 (+/-0.40%) up or down from last closing price. If EUR/GBP takes out the full calculated possible swing range there will be an estimated 0.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.84 (0.13%) than the resistance at £0.85 (1.08%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is EUR/GBP currency pair A Buy?
EUR/GBP holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.660 Hold/Accumulate Upgraded
Predicted Opening Price for EUR/GBP of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| £0.84 ( 0.0261%) | £0.84 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EURGBP
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.85 | 0.415% |
| R2 | 0.85 | 0.266% |
| R1 | 0.85 | 0.174% |
| Price | 0.84 | |
| S1 | 0.84 | -0.122% |
| S2 | 0.84 | -0.214% |
| S3 | 0.84 | -0.362% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.86 | 1.99% |
| R2 | 0.85 | 1.22% |
| R1 | 0.85 | 1.08% |
| Price | 0.84 | |
| S1 | 0.84 | -0.131% |
| S2 | 0.84 | -0.205% |
| S3 | 0.84 | -0.353% |
FAQ
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