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Daily Forecast
Major Trend: Bearish
Time Frame: Daily
Reason: Possible market will still find the correction to the Fibonacci 61.8 at 0.7270, before resuming the bearish pattern. Visible also stochastic not able to do significant reversal
Recommendation: Buy with a target of 0.7270
The price of the pair failed Bhvaza the demotion positive stability again below the level of 0.7325, prompting him to form a new bearish waves to note his arrival to the level of 0.7140 again, the continued stability of former resistance invites us to take a negative tendency Camille key for the coming period and to wait for his arrival to the pivotal support and stable at 0.7000.
Access to Stochastic oversold level increases the negative pressure on the trading price and assures us control downside bias for the coming period and in line with the negative moving average and 55 which are held trading below the level of 0.7250 is clearly drawing facility.
Expected trading range for today between 0.7250 and 0.7000
The EUR / GBP has completely erased the gains made in previous sessions and walks to the support of 0.7118 (low multiples). Another holder stands at 0.7014 (March 11 low).
Spoiler:
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Daily Forecast
Major Trend: Bullish
Time Frame: H1
Reason: The possibility of the market will go down to the Fibonacci correction at 0.7175 100. After that will continue the bullish movement.
Recommendation: Sell
the recent pause in the trend allowed the GBP to come back in line with its medium-term valuations. EUR / GBP even now seems slightly too high considering the rate differential.
I think that after breaking the resistance level at 0.7264 we can get in long position with take profit at 0.7386.
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Daily Forecast
Major Trend: Bullish
Time Frame: H1
Reason: Pivot point today has not been touched at 0.7255, and for the next target was in the top third resistance at 0.7331
Recommendation: Buy limit at the pivot point.
Forex Trading Support & Resistance
S1: 0.7233W
S2: 0.7190M
S3: 0.7122S
R3: 0.7412W
R2: 0.7356M
R1: 0.7301M
The continued strong performance of the economy Aalbraitani still upping the pounds even though the Bank of England has created a higher hurdle for the market to get to the first lifting of the rate outlook after the release of quarterly inflation which was weaker than expected report. "
"We still expect that sterling will be strengthened further against the euro. Downward risks in the outlook for the EUR / GBP EUR / GBP has increased in the near term, which may lead to an early breakthrough lowest level 0.7000 especially if the big recovery proved to euros not sustainable as we expect."
"Quantitative easing of the European Central Bank supportive for sterling program and helps to reduce the downside risks to growth in the United Kingdom."
"However, the output is preferred for Greece which is not our central scenario is likely to boost sterling, but it is not in favor of economic growth in the United Kingdom, the risk of moderate bearish fit.
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Daily Forecast
Major Trend: Bearish
Time Frame: H1
Reason: Market still be close to the long shadow price of 0.7157. After that will follow the direction of Fibonacci and long-term target is above 0.7271
Recommendation: Buy limit in the first support.