EUR/GBP Eyeing 0.9282 Level on the Forex Price Charts

Nigel Frith
Big Ben behind a cracking Great Britain and EU Flag

The pair containing the single European currency and the British pound has been closely watched in recent weeks.  The two currencies represent the two sides of the ongoing Brexit battle – a debate that began many years ago and was far from resolved by the outcome of the 2016 referendum.

The UK has now technically quit the bloc, but the key event for the two sides will ultimately be whether they can reach a trade deal.  At present, it is looking as though a deal may not be reached in time – though there is still a further window in which the two sides could come to an eleventh-hour deal.  The general outlook, however, appears to be moving towards firm no-deal planning.

One recent report suggested that the British government is looking at a “worst-case scenario” in which lorries attempting to cross into Europe from the country could face delays of 48 hours.  The effect of this and other questions on the price charts, however, is interesting.

The EUR/GBP pair appears to be showing bullish tendencies now that involve consolidation of prices.  One key point to watch for on the price charts, according to strategists, is the 0.9282 level.  From there, further resistance could be encountered well above the 0.93 level – 0.9325, to be precise.  Ultimately, the 0.9424 point could come into play if the single currency continues to persist with its run of good fortune in this pair.

It could go the other way and develop a bearish streak, however.  This would entail a move below the 0.9176 point on the charts.  From there, the tipping point at the high end of the 0.90 section and the low end of the 0.91 point could also be relevant.

Aside from Brexit and technical analysis, however, the two currencies have a number of major events on the horizon as the remainder of the week unfolds.  On Thursday morning, for example, an economic bulletin will be released by the European Central Bank.

This bulletin, which comes out once a fortnight after the Governing Council has met to discuss which monetary policy levers – if any – it intends to use, will be out at 8 am GMT.

A speech from the Bank of England’s governor, Andrew Bailey, will take place at 2 pm GMT.  This is likely to be the dominant event of the day for pound traders and could hold clues as to what the Monetary Policy Committee is expected to do next.

Friday of this week will commence with a British public sector net borrowing figure for August, which is due out at 6 am GMT.  Later in the day, the Bank of England will be back on the agenda when its quarterly bulletin for Q3 2020 is released to the public.  This is due to take place at 11 am GMT.


Nigel Frith

Latest news

Scammer Alert – This is One Broker to Definitely Avoid
The run into the year-end is often a time for increased price volatility and new trading opportunities, but some bad news comes with that. Read more
Could Earnings Season Surprises be Just Around the Corner?
The quarterly process of US corporations announcing their most recent earnings reports has for some time been a procession of ‘beats’. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2011 Global CFD & FX Broker
Number One Broker
BEST FOREX BROKER Visit broker
5
#2 BlackBull Markets LogoYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#3 Your capital is at risk Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#4 Forex Broker eToro Logo67% of CFD traders lose Founded: 2006 Global CFD & FX Broker
Number One Broker
ALL-INCLUSIVE TRADING PLATFORM Visit broker
4.9
#5 Forex Broker Pepperstone LogoBetween 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9

    Forex Fraud Certified Brokers

    HYCM Logo
    BlackBull Markets Logo
    investous logo
    Exness Small Logo
    FXTM Logo
    skilling logo
    OctaFX Logo
    AvaTrade logo
    ATFX Logo
    XM Logo
    IQ Option Logo
    Pepperstone Logo
    City Index Logo
    Forex.com Logo
    Vantage FX logo
    LegacyFX Small Logo
    Plus500 Small Logo