EUR/GBP Price Prediction: Resumes bear trend after breaking decisively below range floor
Source Fxstreet
- EUR/GBP breaks below support from the floor of a six-week range.
- The pair resumes its long-term bear trend.
EUR/GBP has broken decisively below the base of a six-week range (red dashed line on chart) and is in free fall.
EUR/GBP Daily Chart
The pair is likely to fall substantially lower as the bearish trend resumes. The usual technical method of determining how far, is to take the height of the prior range and extrapolate it lower. A conservative estimate lies at the Fibonacci 61.8% extrapolation, at 0.8225.
A more optimistic forecast at the 100% extension, at 0.8171.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
As of the Asian session on August 19, gold prices (XAUUSD) maintained a weak rebound intraday, rising about 0.2% on the day to trade near $4,340. Earlier on Tuesday, gold prices fell near
West Texas Intermediate (WTI) oil price extends its gains for the fourth consecutive day, trading around $84.80 per barrel during the Asian hours on Wednesday.
WTI consolidates below $84.50, two-week top as bullish bias remains amid Hormuz standoffWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its consolidative price move through the first half of the European session and currently trades near the $84.25-$84.30 area, close to a two-week high set earlier this Tuesday.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its consolidative price move through the first half of the European session and currently trades near the $84.25-$84.30 area, close to a two-week high set earlier this Tuesday.
Australian Dollar gains as US Dollar struggles amid fading Fed rate hike betsAUD/USD extends its gains for the third successive day, trading around 0.7110 during the Asian hours on Tuesday. The currency pair continues to appreciate as the US Dollar (USD) remains subdued amid fading expectations for further rate hikes by the Federal Reserve (Fed).
AUD/USD extends its gains for the third successive day, trading around 0.7110 during the Asian hours on Tuesday. The currency pair continues to appreciate as the US Dollar (USD) remains subdued amid fading expectations for further rate hikes by the Federal Reserve (Fed).
As of the European session on August 17, gold prices (XAUUSD) were trading above $4,400, up about 0.7% on the day and reaching an intraday high of $4,416.43, extending last Friday's gains
Related Instrument
