Technical Analysis – EURGBP plunges in consolidation area below 0.91

Posted on October 21, 2020 at 1:37 pm GMT

EURGBP is sharply decreasing in the 4-hour chart, touching the 23.6% Fibonacci retracement level of the down leg from 0.9290 to 0.9005 at 0.9073. Over the last month the price has been trading within a trading range with the 50.0% Fibonacci of 0.9148 as the upper boundary and the 0.9020 support as the lower boundary. Technically, the stochastic oscillator is moving lower, heading towards the oversold zone, while the MACD oscillator posted a bearish crossover with its trigger line in [..]

Daily Market Comment – Sentiment sours as stimulus talks stall, virus cases surge

Posted on October 15, 2020 at 8:05 am GMT

Stocks retreat, dollar goes nowhere as Mnuchin plays down pre-election stimulus European covid cases go through the roof, but euro stands its ground UK signals it won’t abandon Brexit talks this week, pound jumps Aussie slides after RBA Governor fuels speculation for rate cut Stimulus talks stall, markets fall Global equity markets continue to correct lower, with the major US indices sliding yesterday and Asian bourses being a sea of red on Thursday, as the chances of a US relief [..]


Technical Analysis – EURGBP declines steeply in short-term; holds in descending channel

Posted on October 14, 2020 at 1:20 pm GMT

EURGBP has lost significant ground over the last 4-hour session, finding resistance at the lower surface of the Ichimoku cloud. The price has been developing within a descending channel since September 15 and the RSI is confirming this negative bias as it is pointing downwards. The MACD oscillator is moving sideways near the zero level. Immediate support would come from the 0.9020 barrier before traders move towards the 0.8990 level. Clearing these hurdles, the market could touch the 0.8864 support, taken from the low on [..]

Daily Market Comment – Stocks and currencies tell a conflicting story

Posted on October 13, 2020 at 9:46 am GMT

Equities cruise higher, back within breathing distance of record highs But FX doesn’t play ball – yen climbs, commodity currencies underperform Euro headed for trouble amid high infections and growth worries Today: US inflation data coming up, earnings season resumes Currencies don’t play along with stock rally The US stock market rallied furiously on Monday, with the tech-heavy Nasdaq 100 gaining 3.1% to come within breathing distance of its recent record highs, propelled higher by the likes of Apple (+6.4%) [..]

Technical Analysis – EURGBP narrows inside symmetrical triangle

Posted on October 9, 2020 at 7:28 am GMT

EURGBP turned less volatile within a symmetrical triangle in the four-hour chart, hinting that another breakout may happen soon following Thursday’s failure. The technical indicators are currently painting a neutral picture for the short term as the RSI is testing its 50 neutral mark from the downside, the MACD is attached to its zero line, and the Stochastics seem to be stabilizing. Should the price violate the 0.9100 level and hence exit the triangle on the upside, the bulls may [..]


Technical Analysis – EURGBP edges eastbound; upholds positive structure

Posted on October 7, 2020 at 2:33 pm GMT

EURGBP is currently tackling the mid-Bollinger band, preserving a neutral-to-bullish tone after bounces off the 50- and 100-day simple moving averages (SMAs), which followed a retreat from the recent five-and-a-half-month high of 0.9291. The dampened slopes of the 50- and 100-day SMAs continue to endorse the gradual positive incline in the pair. The short-term indicators reflect that positive momentum is strengthening. The MACD, although below its red trigger line, has held above zero, and appears set to reclaim it. Moreover, [..]


Technical Analysis – EURGBP keeps erasing September’s rally; enters oversold zone

Posted on September 28, 2020 at 12:42 pm GMT

EURGBP slumped below the 200-period simple moving average (SMA) in the four-hour chart on Monday to test the 61.8% Fibonacci level of the September rally around 0.9027. The downside correction also sent the RSI into the oversold area and where it bottomed out several times in the past few months. While this suggests that an upside reversal could be around the corner, the indicator, as well as the fast Stochastics, need first to find a turning point to convince that [..]


Technical Analysis – EURGBP seems to be looking for more recovery after dip in Ichimoku cloud

Posted on September 23, 2020 at 9:27 am GMT

EURGBP has been trading bullish in the short-term picture after ascending from the 0.9080 support, pushing the price above the 0.9200 handle, the simple moving averages (SMAs), and the Ichimoku cloud. The short-term oscillators reflect a slightly positive bias. The MACD, in the positive area, has moved marginally above its red trigger line but remains close to zero, while the RSI has been fluctuating above its neutral mark, pointing slightly up. Additionally, the 20- and 40-period SMAs are ready to confirm a bullish crossover, suggesting that the upside structure may improve. To the upside, the important [..]

Daily Market Comment – BoE clips pound’s wings, equities brace for turbulence

Posted on September 18, 2020 at 8:12 am GMT

Sterling capsizes after BoE opens door to negative rates Fed disappointment torments equities, but dollar doesn’t get the memo Market turmoil might continue today amid major option expiries Crude oil stages heroic comeback on supply hopes Bank of England does another policy U-turn The BoE injected another dose of volatility into British assets yesterday after it announced that it is studying the implementation of negative interest rates, just six weeks after it downplayed this policy as ineffective. It seems that [..]


Technical Analysis – EURGBP could provide the bulls a second chance

Posted on September 17, 2020 at 11:32 am GMT

EURGBP pulled back below the 0.9290 resistance for the second time this year but the bulls may have a second chance to retake control as the pair is exposed to a key supportive area. The 50% Fibonacci retracement of the 0.9497-0.8670 downleg is currently in action at 0.9080, blocking any additional negative correction. If it proves fragile, the descending trendline with the help of the 38.2% Fibonacci of 0.8980 could still keep the bulls on the surface if they manage to put [..]

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