The EUR/GBP landscape paints a gloomy picture as the bearish trend persists, with each high falling lower than the last. Despite this, a resilient support zone has emerged at 0.85 since July of last year. Just last week, we witnessed a slight rebound from this zone, but the bullish energy was lackluster, hinting at potential downward pressure shortly.
EUR/GBP Weekly Chart – The 20 SMA Is Acting As Resistance Now
“Over the past three years, this pair has been locked in a fierce battle between bears and bulls, with the bears reigning supreme. The charts tell a story of constant struggle, as each time the bulls try to make a comeback, the bears fiercely defend their territory.
Moving averages have been a key player in this ongoing feud, as evidenced by the weekly chart. Despite brief moments of respite, the bears have relentlessly pushed the pair’s highs lower, signaling a persistent downward pressure. Will the bulls ever be able to break free from the bears’ grip?”
Last week, the EUR/GBP exchange rate hit a major roadblock at the 50-day SMA of 0.8553. But just when things seemed bleak, a glimmer of hope appeared with the release of underwhelming UK wages and employment data.
A bullish double-bottom pattern emerged at the key level of 0.8500, hinting at a possible reversal in favor of the euro. This pattern has been in the making since February, making it a significant development to watch out for.
This intriguing pattern hinted at a potential surge in purchasing frenzy, which was eventually confirmed later in the week when the price skyrocketed by 50 pips. However, the moving averages have remained unwavering, with the 20 SMA (sporting a sleek gray hue) serving as a formidable barrier, solidifying the downward trend for this particular pair.
Exclusive: XRP/USD Price Prediction: XRP Slips Over 4%, further downside?
EUR to USD trend in danger due to ECB interest rate cut
XRP/USD Price Prediction: XRP Slips Over 4%, further downside?
Exciting update from the Eurozone: the latest CPI reading for February is in and it’s got some interesting figures to show! Brace yourself for a downward trend as the headline inflation figure dropped from 3.3% in January to 3.1% in February. And that’s not all – core inflation also took a hit, falling from 2.8% to 2.6%. Keep reading to find out more about this economic rollercoaster ride.
“Get ready for a rollercoaster ride as EUR/GBP grapples with uncertainty and awaits crucial events that will determine its fate. The highly anticipated release of Consumer Price Index (CPI) data and the Bank of England (BoE) events later this week are sure to shake things up. Hold on tight, the market is about to get interesting!”