EURGBP Currency Pair Technical Analysis on dated 02-10-2019

828
EURGBP currency pair

The EURGBP currency pair, representing the exchange rate between the Euro and the British Pound, is a significant and widely traded pair in the foreign exchange (forex) market. Traders and investors closely monitor the dynamics of this pair as it reflects the relative strength of the Eurozone economy against the United Kingdom.

 

Fluctuations in the EURGBP rate can be influenced by various factors, including economic indicators, monetary policies, and geopolitical events in both regions. The pair is characterized by its liquidity and responsiveness to market sentiment, making it a popular choice for forex participants seeking opportunities for speculation or risk management. Traders often analyze technical and fundamental factors to make informed decisions about the EURGBP, contributing to the dynamic nature of this currency pair within the global financial markets.

 

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 day moving average’s [Respectively at 0.88900 and 0.88760]

Recommendation: Buy/Buy limit @ 0.88900  Target: 100+ pips

Click to sign up with LMFX

Related Post:
euraud currency pair analysis on dated 17-11-2022