​​​​​​​Forecast for the currency pair EUR / GBP
Published on 14.05.2020 12:43

Forecast of the currency pair EUR / GBP
Today we will look at the EUR / GBP currency pair. In the price chart below, the technical resistance level of 0.8865 is clearly visible, and on 2 occasions has prevented buyers from pushing the price higher Thus, there is a risk of another retraction from the marked resistance and a decrease in the pair to 0.8805 and further to 0.8685.
Trading outlook:
The main scenario.
This scenario takes into account a decrease from the recent highs and remains relevant until the quotes return above 0.8890. Accordingly, when placing a sell order at 0.8865, the risk will be 25 points. The immediate goal of 0.8805 is a potential gain of 60 points and the next 0.8685 is 180 points.
Alternative scenario.
A break of the 0.8865 resistance level and the subsequent move to 0.8890 will indicate the buyers are now back in control
For the alternative scenario to develop, some disappointing news surrounding the GBP is needed. Bank of England Governor Andrew Bailey will be holding a webinar at 13:30, and the details are unclear so we may see a surge in trading activity surrounding this.
The above review is not a direct guide to action, but carries an exclusively recommendatory nature.


Andrew Masters

Analyst

The world of trading has no boundaries
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