Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
19 Oct 2022

EUR/GBP Price Analysis: Subdued around 0.8710s, as a bearish-harami surfaces

  • EUR/GBP oscillates around 0.8710s, courtesy of a risk-off impulse, bolstering the Euro.
  • The cross-currency pair remains trapped within the 20/50-day Exponential Moving Averages (EMAs).
  • A bearish-harami is forming in the EUR/GBP daily chart, warranting further downside.

The Euro prolonged its gains against the Pound Sterling amidst a volatile trading session that witnessed both currencies featuring reports that inflation in the Eurozone and the UK remains higher, meaning that further central bank actions are needed to control stubbornly elevated inflation. From a technical point of view, the EUR/GBP is trading above its opening price by 0.16%, hoovering around 0.8710s, trapped between the 20 and the 50-day Exponential Moving Averages (EMAs).

EUR/GBP Price Forecast

The EUR/GBP daily chart illustrates the pair as neutral-to-upward biased, though contained within last Tuesday’s price action (0.8633-0.8731). If the EUR/GBP breaks the October 18 high of 0.8731, that could pave the way for further gains, exposing the 20-day EMA at 0.8775. Otherwise, a bearish-harami candle pattern would emerge, warranting downside action in the pair. If that scenario plays out, EUR/GBP’s key support areas lie at the 50-day EMA at 0.8656, followed by the confluence of the October 17 low and the 50-day EMA around 0.8656/57.

EUR/GBP Daily Chart

Short term, the EUR/GBP one-hour chart portrays the pair as neutral, consolidated in the 0.8700-0.8723 area. On top, the 200-EMA at 0.8723 would be a difficult hurdle to surpass. Once cleared, it could send the EUR/GBP towards the R1 daily pivot at 0.8745, followed by the R2 pivot point at 0.8787, ahead of the 0.8800 figure.

On the flip side, the EUR/GBP failure to crack 0.8731, the weekly high, would exacerbate a fall toward fresh weekly lows. Hence, the EUR/GBP first support will be the 20-EMA at 0.8702, followed by the confluence of the daily pivot and the 50-EMA at 0.8690. Break below will expose the 100-EMA at 0.8673, followed by the S1 pivot level at 0.8650.

EUR/GBP Hourly Chart

 

Oct 19, 2022

USD/CHF’s recovery extends to session highs past 1.0000

The US dollar is going through a solid recovery against the Swiss franc on Wednesday. The pair has retraced all the ground lost on the previous two da
Read more Previous
Oct 19, 2022

GBP/USD finds support at 1.1185 and ticks up to 1.1200 area

The pound seems to be attempting to set a bottom at 1.1185 after its reversal from 1.1445 highs earlier this week. The pair dropped for the second con
Read more Next