EUR/GBP Weekly Forecast and Analysis
Saturday, 3 August 2024, 11:44
EUR/GBP Market Analysis
The EUR/GBP pair demonstrated significant movement last week, beginning its ascent from 0.8382. A strong break through the 0.8498 resistance level suggests that the previous decline to 0.8382 may have concluded.
Current Momentum
- Initial bias remains bullish this week.
- If the pair sustains above the 0.8560 channel resistance, further gains are likely.
- Potential target for the upward trend would be the 0.8643 resistance.
Possible Downside Risks
- A drop below 0.8482 could neutralize the current bias.
- Traders should monitor this level closely to gauge further price action.
In conclusion, while the bullish trend shows promise, cautious trading approaches are advised with respect to key support levels.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.